Single mother seeking to buy a house

[Winnyparch]

I am a single mother, and I am seeking anyone's assistance. I currently have a Bachelor’s Degree in Business Administration and I am currently finishing up my Master’s Degree in Human Resources Development. I have been having a hard time locating employment. The last time I worked was February 2008. I am planning on moving out of my apartment next month, because I can no longer afford to pay the rent of $1300 dollars. My daughter is 7 years old and her father passed away in 1996, so she currently receives Social Security; this is the only income I currently receives. I desperately want to buy a house for me and my child to live in, but with no job it doesn’t seems possible. Does anyone have any input? I would greatly appreciate it. Thanks

Marjorie:confused:

[SallySue15]

Hello Marjorie,

Welcome to the SingleMomFinancialHelp Forum.

Your situation sounds tough. I respect that you want to purchase a home, and you have a great level of education, however, I am not sure that you will be able to qualify without having a job, and no job history for over two years. Although, I have never been in your exact situation, it is common for the mortgage company to want to see your most recent paycheck as proof of your income. Now, if the money that you get from Social Security is a reasonable amount, you may be able to qualify. You might as well try; the worst that can happen is that you are turned down, right?

There is some information about first time home buyer programs for single mothers (http://www.singlemomfinancialhelp.com/home/first-time-home-buyers-program.shtml) on the SingleMomFinancialHelp home page (http://www.singlemomfinancialhelp.com/). This information may be helpful for you.

Now, this is probably not what you want to hear, but purchasing a home may not be your best option in your current financial situation. You are currently having difficulty paying your rent, paying your mortgage may not be any easier, and if it goes into foreclosure, it will destroy your credit, and you will likely lose your home.

I would recommend looking into section 8 housing (http://www.affordablehousingonline.com/section8housing.asp), at least until you are able to get a job.
Section 8 will pay anything above 30% of your income for rent. Now, waiting lists can be very long for section 8, so you may need to look into just renting a less expensive apartment.

My recommendations are simply general, as I have no idea how much money that you get from Social Security (and don't post it on the forum for the world to see).

Eventually, you will get hired for a good job, and you will be on your way out of your financial woes. You have a good education, that is a major piece of the puzzle.

Good luck!

~Sally~ :)