As a single parent, you have many responsibilities on your plate. You may think that a single source of income makes it impossible for you to own a house. However, there are actually ways to get the home you want for your family. In fact, there is available housing for single mothers in st louis mo.

Here are some tips to help you own a home as a single parent:

Know your Budget

Before you look for a house, you must put in your budget. If are used to two incomes before you became a parent, you might need more time to adjust to your life a single parent. There is no need to rush into it. Also, do not feel pressured into making decisions all at once. Start creating a detailed budget to find out how much more you can spend for monthly mortgage payments while paying for your current monthly dues like car payments, utilities, and others.  If you buy a house, you must consider the expenses of maintaining it.

Check For Available Assistance

Learn about the Acquaint yourself with The U.S. Department of Agriculture (USDA) and the Federal Housing Administration (FHA) programs that aid households with one income in purchasing homes. You will find a USDA loan useful when purchasing a home in a rural area or county. Also, a USDA program is available that caters to single-parent families called Section 502 Direct Loan Program. This program gives payment assistance through a subsidy that decreases the mortgage payment for a short to increase your ability to repay your loan. Meanwhile, FHA could provide you with a loan that requires you to put a 3.5% down payment. Veterans or people in the military can avail of a VA loan that does not require any down payment.

Deal with your Credit Issues

In case you have credit problems or don’t have a credit history of your own, government-backed loan programs are available that can exempt you from waiting periods related to foreclosure or bankruptcy. You can access these loans through the FHA and USDA that let you create a credit history through other sources like the bills you pay every month including utilities, rent, and insurance premiums. The requirement is that you must have at least one year in good standing on such accounts.

Take Advantage of your First-Time Home Buyer Status

To know if you qualify as a first-time homebuyer, check with the U.S. Department of Housing and Urban Development (HUD) reference guide. First-time homebuyers can be granted assistance by HUD-certified organizations.