Profile picture for judypruitt76

Are there any specialized mortgage lender/loans for single parents, with little or no down payment?

  • March 12 2014 - Arvada
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Answers (11)

Hi Judy, there are many programs based on area you are seeking.  Your favorite Agent or Lender can help you decide based on your qualified price, what is best for you.
  • April 08 2014
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Also available here in Colorado through approved lenders only is the National Homebuyers Grant product.
This programs allows for a 5% or 3% grant (free money) that does not have to be paid back. So using a conventional loan that would usually require the 5% down payment this program covers that for the borrower, if they are using the program in conjunction with FHA the borrower would only need 0.5% from their own funds.  Very good program.
  • March 20 2014
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Yes, if you qualify there is the Metro Mortgage Assistance Plus 4% grant program. This loan program actually gives you 4% to go towards your FHA 3.5% down payment and the best part is that you NEVER have to pay this back. Then if the seller will pay towards your closing costs you can come in with very little to nothing down at closing depending on the purchase price. Please get in touch with me if you have additional questions. Best wishes, Sean
  • March 13 2014
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You will find it to be very difficult to get a home loan without a down payment unless you are a veteran or seeking a USDA/rural approved property. If this applies to you then I suggest looking into a VA or USDA loan. Other than that, you will need a down payment. The smallest down payment would be an FHA loan which only requires 3.5%. You can also look into down payment assistance programs in your area. There are also other important financial factors such as debt, income, expenses, assets, employment, credit, as well as down payment. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 12 2014
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Profile picture for Ofe Polack
I suggest that you contact at least 3 mortgage brokers who can do a credit search in the first instance and based on the results can make recommendations as to the best program for you.  The best of luck!
  • March 12 2014
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Profile picture for Primary Louisiana
Unaware of anything specific, but many municipalites will have a bond program or down payment assistance for these such circumstances.  Look around in you area.  Good Luck!
  • March 12 2014
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We actually have a new loan program that give you a 5% grant towards downpayment and closing costs, this can ultimatly make it so you can purchase a home with no money out of pocket. I would b emore than happy to chat with you about this. Feel free to reach out to me.
  • March 12 2014
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There are many areas around Denver that qualify for USDA financing and it requires no down payment whatsover and income limitations are much higher than many of the subsidized government programs programs in the metro area so allows for alot more people to take advantage of the program and be able to use it.
  • March 12 2014
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Profile picture for davidhawke
I have a local Denver based bank with a government subsidized $500 down mortgage product, with zero mortgage insurance! It is limited to borrowers with limited income, just like the typical single parent. I just closed a client with it just two weeks ago, and it beats CHFA hands down!!!! Message me through Zillow and I can give you contact info for my loan officer there.
  • March 12 2014
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Hi Judy,

There are multiple little or no down payment progorams available throughout Colorado. CHFA is one of the most popular which only requires $1000 out of pocket from you, a traditional FHA requires 3.5% down payment.  Also if you would consider housing north of 168th Avenue you would possibly be eligible for a USDA loan which does not require a down payment at all.

If you would like further guidance on this feel free to send me a message and I'd be happy to help.
  • March 12 2014
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Yes, FHA requires just 3.5% down. If that is a problem then maybe renting longer is your best bet.

  • March 12 2014
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