Few things are more daunting than buying a house independently as a parent. If you’re wondering how to get a home loan as a single parent, the right mortgage company can help. Champions Mortgage is a reliable, professional mortgage broker in El Paso, TX. Finding the right program for your needs is key to simplifying the process.
What Kinds of Loans Are Available to Single Parents?
As mortgage rates in 2025 are expected to stay higher than in recent history, finding the best home loan is more important than ever.
Many programs for single parents offer downpayment assistance programs and flexible credit options. This support makes it possible to purchase a home on a single income. The best programs for single households include:
FHA Loans for Low Incomes
A Federal Housing Administration loan is an excellent choice for low-income parents. The credit score requirements are relatively low, though borrowers with a 580 or higher can qualify for a 3.5% downpayment.
The caveat is that you must pay mortgage insurance premiums until you part with the property (unless you refinance the loan).
VA Loans for Veterans
The Department of Veterans Affairs offers generous loans to veterans, active-duty service members, and the surviving spouses of veterans. These loans have flexible credit requirements depending on your lender. Borrowers are not required to pay a downpayment or fund mortgage insurance.
USDA Loans for Rural Areas
The U.S. Department of Agriculture offers loans with no down payment requirements for rural home buyers. These loans are suitable for very low-income borrowers and do not require mortgage insurance.
Conventional Loans Are Still an Option
Many single parents rule out a conventional loan, but there are options for those with good credit scores. These funds are not guaranteed by the government but fall under Fannie Mae and Freddie Mac regulations.
With income verification and a good credit score, you may qualify for a down payment as low as 3%. However, any down payment below 20% requires private mortgage insurance.
Grants for the First-Time Homebuyer and Single Parent
Grants are one-off funds that can go toward a down payment or closing costs. You do not need to repay these funds. Some local areas and states offer grant options, and the national programs include:
The National Homebuyers Fund
An NHF grant covers down payments of up to 5% of the total loan amount. The credit requirements are flexible.
The Good Neighbor Next Door Program
Those in certain public service positions qualify for this grant if they purchase a home in an FHA revitalization area. This category includes firefighters, police officers, paramedics, and teachers (pre-K through 12th grade).
Those who qualify get 50% off the listing price if they can commit to three years of residence in the home.
The Housing Choice Voucher Program
Low-income families and disabled or elderly people may qualify for this voucher. The level of support varies, but the voucher can be used toward your choice of housing.
Champions Mortgage Will Help You Afford Your New Home in Texas
Champions Mortgage offers low rates that surpass most credit unions. As one of Texas’s most trusted mortgage lenders, we provide exceptional customer service. Our transparent processes make it easy for single parents to find the right program for their budget.
We understand the pressure single parents are under during the home purchasing process, so we streamline the process. After completing a mortgage application, you can look forward to a fast turnaround within 15 days.
You no longer have to wonder how to get a home loan as a single parent. Call (281) 727-2500 for more information or to schedule an appointment today.
