There are several considerations when a single parent comes to us to discuss purchasing a home and their financing options… and with all of the “rack and ruin” in the Economy, it’s not surprising that we are talking to many people who want to purchase a house, and have a divorce in their background. What are the requirements for Single Parent Qualifying For A House In NC? Great question!
FHA is a great mortgage program for many single parents because of it’s flexibility. There are some qualifying details that are specific to Single Parents that you should consider, and please make SPECIAL NOTE of the Documentation we need:
- Child Support and Alimony must be documented for the past 12 months. We will need to see cancelled checks, documented deposits in your account, or court records from the State showing that you’ve received at least 12 months of support in order to count it as a “stable” income source. This income can be important when you are applying for a Home Loan for Single Moms… so we always suggest that you deposit the WHOLE check, and then do a cash withdrawal. We’ve seen Single Moms who put in $300 one week, $250 the next week and $260 the next. We need to see “consistent” deposits!
- It must be continuing for at least 36 more months after closing. So if support will continue until your child is 18, and the child is 16 – we can not count that income.
- You can get a gift for the down payment (With FHA that’s 3.5%, if you qualify for NC Housing you can get at least 3% from the NC Housing Finance Agency for your down payment)
- You need to have a credit score of 640
- You can put a parent, or other family member on the loan to help you qualify (called a non occupying co-signor)
- We can not count rent you might receive from a roommate
If you were obligated on a mortgage with your ex-spouse, and you were NOT removed from the mortgage, we will count that payment against you. Often times, an attorney will advise you to quick claim deed the property to your ex-spouse.
This only takes you off of the DEED, if you were on the NOTE – you are still obligated for the mortgage. Your spouse would have to refinance and take you OFF of the note, or sell the property, to truly take that obligation off of you.
Court Recorded Seperation Agreements, stating that the other person is responsible for the debt, does NOT take the liability off of you.
If there’s a CAR payment, or another type of debt that you are still on the note for… and you can provide 12 months of cancelled checks showing where the other person is making the payments… we can SOMETIMES get that payment waived (in other words we might not have to count it as a debt when we are qualifying you).
For more information about Qualifying for a mortgage in NC, or for more information on Single Parent Qualifying For A House In NC, Call Steve and Eleanor Thorne, 919 649 5058 – we have the best rates, and we will take the time to help you come up with a game plan so that you can buy your next house!
Hi, I am looking to purchase my first home as a single parent. I don’t have the best credit due to being a twin. My credit score was 573 last time I checked but I am fighting things on my credit that are not mine. I work part time but also have other income. I would like to know what I may qualify for.
Please call us. We’d love to help you get this worked out. This is one of those situations that can be fixed, but it will be easier to let us help you by working directly with the Credit Bureau. It can be overwelming – but we can help you get it straightened out. Congratulations on being ready to take that next step! 919 649 5058
I live near charlotte, and am a single mom but im not divorced yet, and have no job BuT i DO HAVE the other income. I am trying to buy a house and would like to know the calculated steps. This sight helps a lot. My question is What chance do I have to get a house and what Is my next step?
Crystal! I am so glad to hear from you, and I’m glad you’ve gotten some good answers here.
You don’t have to be “finally” Divorced to purchase now – your attorney (or we can help direct you) needs to draw up a Free Trader agreement. If you want to wait until the Divorce is finalized – I would recommend the following steps:
When you have a few minutes – call us. It will take us about 20 minutes of talking with you on the phone to figure out what payments you are comfortable with, and what type of loan might be best for you. We can also go over the costs involved in purchasing a home – even if you are 16 months away (or more) from wanting to buy, the consultation will help us give you the specific numbers you will be working with.
When (and if) you are receiving child support, we strongly suggest that you put that whole check into a savings account, or directly into the SAME checking account each time you receive it. (You can take it right back out the next day) In order to count it as income, we will need to show a regular deposit, and having it in the same account each time makes that so much easier. We will also need to see that you’ve received the income for 12 months – if we are including it to qualify you for your new home.
I know how important this is for you – and calling to get all of the numbers will help you with the process, and it lets us give you the best one on one advice. If you are okay with it – we will also pull your credit report up (and send you a copy) so that you can see what is being reported, just in case your spouse was / is suppose to be paying something, or they are taking you off of an account. We can run a “what if” analysis on your credit, and tell you what will likely happen to your scores if you add a credit card (for instance) or pay one down.
You can call after work, or on the weekends. Our number is 919 649 5058 🙂
Not knowing anything about your situation, here are some additional pointers for Single Parents Buying a Home in NC.
Thank you so much, your response was very informative, I will notify you very soon!
Hi
I am a currently separated (spouse has moved out of state) and a single parent. I am currently renting a house that the owners would like to sell and I would like to buy. I am not sure of the process or what steps I should take if I currently live in the house that I would like to purchase. Any help would be greatly appreciate.
Your site is a wealth of information.
C~
Cherri! The first step is to get pre-approved. It takes about 30 minutes on the phone, and there’s no obligation or cost. After that, we will know what your mortgage payments would be, and we can tell you what you need to do to move forward with buying the house you are in! It’s pretty simple! Call us 919 649 5058
I was just in formed by a loan officer that this information that you are reporting below is incorrect. You can get a gift for the down payment (With FHA that’s 3.5%, if you qualify for NC Housing you can get $8000 from the Government for your down payment) . have you taken a look at this.
Christie Thank you so much for spotting this. The post was originally written in 2012. I’ve updated it.
I’m a single mother that works part time my income before taxes is $1200 a month I’m wanting to relocate to charlotte nc my credit score is good I would like to know how to apply for a grant and more information about first-time homeowners program and how to get qualified
Shaunta, I am having Jane Hartsock, who works on our team reach out to you on Monday. She can also see if you qualify for the MCC Mortgage Tax credits that help you buy a slightly larger home! Happy Mother’s Day!!!
Hi Eleanor. I’m a single mother who works full time. I gross about 2240/month which doesn’t include over time. I am also a recipient of VA dependent education assistance where I receive between 500 and 1000/month based on enrollment. I live in the Charlotte area and have been preparing to purchase a home. My credit score is in the 680-90 range. My debt payment i’d estimate to be about 400/month which includes estimated student loan payments since I’m currently enrolled but not making payments (I heard that I had to add that in my calculation). My rent payments are 1100/month which could at this point be going towards paying off my own mortgage lol What are my chances of qualifying? I also have a brother who’s willing to sign as a non-occupying co-borrower. PLEASE HELP!
You have so many things going in your favor. As a Veteran you do not have to count Student Loans in your debt ratio if they are in deferment for at least 12 months. Please call us at 919 694 5058, and we can help! We can do a non owner occupied FHA Loan. You have options, and you are in a great position!
I am lookihg for something in Martinsville,Virginia 24114 for now