Single moms and home ownership

[minkajane]

I would like to own my own home after I finish graduate school. I would also like to own my own business (birth center) several years after that. How realistic is this goal? I will be a CNM, so I'll be making decent money, working in a hospital, when I want to buy a house. How difficult is it for a single mom to get a home loan/small business loan? Did any of you ever face discrimination when it comes to loans because you're a single mom?

[Shenjall]

I bought my own home as a single mom. What a great experience! I really experienced alot of support, alot of "good for you!". Not just from family/friends but all the people at the bank too.

The bank wouldnt include child support as regular income though, so that brought down the amount I was able to mortgage. Which worked out fine - I didnt end up being maxed out financially and house poor.

I wish you all the best!

[MsChatsAlot]

I own my own home. No discrimination.

[Bad Mama Jama]

My home belonged to my great-grandmother and so I'm here outright without a note, but the upkeep is tremendous sometimes. I can't tell you about loan situations for mortgages, but for repair, now that's my specialty.

[MissLotus]

The bank wouldn't include child support as part of your income, Shenjall? That's too bad - I didn't know that! I haven't gone through the loan process but would like to get a house someday...

[Shenjall]

No, they wouldnt include it. They said they couldnt count it as "stable". I mean, I understand that, dh exwife is as unstable as they come for paying c/s. They also wouldnt include child tax benefit. So, I guess a monthly payment from our government isnt stable either?

My bank has a mortgage payment calculator online, maybe yours does as well? They're fun to play with to see what monthly payments may be or the amount of mortgage you will be qualified for.

I'll see if I can find some info online...

heres one:
https://www.rbcroyalbank.com/cgi-bin...ge/mortcalc.pl

Heres a "how much can you afford?" calculator. I suggest using both c/s and no c/s
https://www.rbcroyalbank.com/RBC:Rcd...gage/appr.html

[Sativarain1]

cnm's make really good money I doubt you'll have a problem. Goodluck to you on buying your first home! Also I believe there are several first homebuyers loans you can qualify for too~

[boobybunny]

My child support is most definitely included. BUT it had to go through the state to be included. Heck, I would not have had ANY income other than the rental income from the other side if it had not been. My rate was slightly higher... and I refinanced after working in the same job, for six months to a 5.83 rate. Never, ever, ever gonna refinance that loan.

Also included in my income was the "retirement" payments he is supposed to give me. I have a judgement saying that he will pay them.. never has, but because he is to give me X amount of his income by April 15 by judgement and decree... they included that in my income.

[Erinok]

I don't think it would matter. I bought my house as a single individual (before my son) and had no problems at all. I was young too. they just want to see a steady work history, of 2 years at a job, or 3 years working in the same field. It is actually fairly easy to get a loan/ mortgage now. (I'm in grad school now)

[MsChatsAlot]

Yes, my child support was included. They told me if it was court ordered, it would be included as income.

[Shenjall]

Very interesting...... mine was court ordered, but they still wouldnt include it.

Ah well. Worked out well for me anyway.

[ombra*luna]

I bought my house as a single parent, and it was never an issue. I qualified for a bigger loan than the one I got, but I'm glad my mortgage isn't more than it is!

Little did I know that within two years, I'd be married and that before our first anniversary, he would have essentially ruined my credit. But fortunately, it wasn't ruined permanently - I've been able to fix it, for the most part, since we are no longer together.

[fuller2]

I bought my house while I was still legally married. (My state is not a community property state, so ex is not entitled to anything that's mine.) No problems, in fact I feel I was treated especially well.

It helps to have excellent credit, so do what you can to improve your score in the next few years. (pay more than the minimum on any loans or credit cards, don't keep getting new credit cards but don't cancel the old ones because the length of time you have an account matters, keep your credit card borrowing way under your maximum, etc.)