Are there mortgage benefits for single mothers?

Will they give it and under what conditions?

According to the conditions of most banks, a citizen of the Russian Federation aged 21 to 65 can become a mortgage borrower. The main condition is a stable income, the amount of which would allow you to repay the loan over the entire term of the contract.

To the question of how old a woman can get a mortgage, different banks answer differently. Usually this is 54 years. It is believed that along with retirement, a person loses additional sources of income and stops working. Therefore, by this time he must repay the existing mortgage loan.

Important! Having no family is not an obstacle to obtaining a home loan. But by taking out a mortgage only for himself, the borrower runs the risk of not receiving the conditions for which he applied.

It is difficult for “singles” to get a large amount. When lending to married couples, the bank takes into account the total income of the spouses, and thanks to this they can receive the loan amount they are counting on. In the case of a single person, the bank takes into account only his salary. To get a large amount, a “single” person needs to have a high income. But can they still give a loan to one of the spouses? Yes, but there is one point. Even if the loan was issued exclusively for the husband, and the apartment is also purchased only in his name, this property will still be considered “jointly acquired property.”

Why don't banks like to do this?

The fact is that when drawing up an agreement with several people, the bank receives a certain guarantee of payment of funds. If the main borrower gets into a difficult financial situation, then the other party to the transaction will be obliged to take responsibility for repaying the loan. If the mortgage is issued to spouses, then for the bank this is also a kind of reinsurance: it is easier for two borrowers to bear the debt burden, since the total family income in most cases is greater than the income of one person.

Benefits for obtaining a loan

In recent years, the government has launched several programs to support mortgage borrowers. Thanks to them, thousands of Russian families were able to purchase housing on credit on favorable terms. What mortgage benefits can a divorced woman with a child use:

Maternity capital issued at the birth of a second child can be used to pay for an existing housing loan or as a down payment (). Soon, parents of their first-born will begin to receive such certificates, and the amount of the subsidy will be increased. This order was given by the President in a recent address to the Government of the Russian Federation.
Family mortgages are issued to parents of second and subsequent children born between 2018-2022 (). The program involves subsidizing the interest rate. Borrowers pay only 5-6% per annum; the difference between this and the bank’s base interest is compensated by the state.
Other housing subsidies issued at both the federal and regional levels. In particular, young teachers, village residents, etc. can count on receiving mortgage benefits.
450 thousand rubles to pay the existing mortgage at the birth of the third or subsequent child ().

Recommended article: Ways to get a mortgage while on maternity leave

Provided government subsidies are attracted, a mortgage for a divorced woman with 2 children can even be profitable. Especially if she uses several benefits at the same time. For example, at the birth of her second baby, she receives the right to maternity capital and subsidized interest rates. But although social programs make loan repayment easier, they by no means guarantee mortgage approval.

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Author:

Mortgage specialist Maria Yurievna Sokhan

Publication dateFebruary 10, 2020February 10, 2020

Can a single mom take it?

It is more difficult for single mothers to get a mortgage loan even with a sufficient salary. A child is an additional expense, so your personal budget may not be enough to repay the loan.

To help vulnerable categories of citizens purchase their own housing, the state provides social and preferential mortgage programs. The Housing Mortgage Lending Agency (AHML) provides a unique opportunity to obtain a mortgage on preferential terms - from 6% per annum for up to 30 years.

Does the decision depend on gender?

The gender of the borrower does not affect the banks' decision. The most important thing is that the client meets all requirements related to income and work activity. From the position of banks, a single person who is not burdened with children can devote more time to his career. This means that in the eyes of creditors it looks more promising financially.

Is it easy for a divorced woman, a mother of two or more children, to get one?

The bank's decision may be influenced by the presence of children. In this case, banks have different attitudes towards male and female customers. From the point of view of creditors, it is easier for a man supporting a dependent to make a career: relatives can help with the child, and the father himself will make every effort to give a future to his child.

A divorced woman with children is a less desirable client for banks. In addition to her career, she must invest money and effort in raising and maintaining the child. Work often fades into the background. This is why men with children look more promising for banks.

Attention! Thus, the client’s gender does not affect the bank’s decision. But when analyzing a candidate for a mortgage, lenders take into account the presence of children and child support obligations.

How the decision is made

Consideration of a mortgage application for a divorced woman without a child or with children occurs in the usual way. The bank takes into account all factors and assesses the risks of non-repayment of the debt. What you pay attention to first:

credit history;
income sufficiency;
existence of other existing obligations to banks;
amount of children;
Family status;
reliability (absence of compromising factors - prosecution before the law, existence of enforcement proceedings, etc.).

Important to know: Mortgage without a credit history – chances of getting approval

Is it possible to take out a mortgage with arrears and court orders?

It is unlikely that you will be able to find a lender who will not take into account the presence of children. When calculating the solvency of a potential borrower, dependents (including minors) are an important factor. The client’s salary is divided between him and his children; as a result of this calculation, the bank understands how much is left for loan payments.

The volume of existing liabilities to other banks is also taken into account. The financial organization will definitely request a report from the BKI and calculate how much the woman pays monthly on loans.

Are divorced women given mortgages if they only receive alimony? Payments for children cannot be taken into account as the main source of income. Moreover, some banks do not even accept these proceeds when calculating the loan. Others are ready to count them to increase the loan amount. If a woman is on maternity leave and lives only on alimony, most likely she will be refused, because these payments are unstable and can stop at any time.

Recommended article: What to do if you don’t have money to pay your mortgage

How to get a loan for an apartment?

First you need to select a bank and program . It is better to contact the institution on whose card the salary is received. “Own” bank will offer discounts (usually for salary clients the rate is 0.5% less than the base percentage) and provide improved processing conditions (increased credit limit, longer terms, etc.).
Further it is desirable calculate the monthly payment amount on the bank's calculator to determine the amount and terms of the loan. At this stage, it is important to determine for yourself the amount that you are willing to pay monthly to pay off your mortgage.
It’s good if the monthly payment does not exceed 40% of income. To calculate the loan, you can also contact a bank branch or call the hotline. The consultant will help you choose comfortable repayment terms taking into account the size of your salary.
Important! Please note that a preliminary loan calculation may not always be approved by the bank. The exact conditions (term, monthly payment and amount) can only be found out after submitting the application.
After selecting a bank and program, you need collect documents for a mortgage. What is included in the mandatory list:
- passport;
income certificate 2NDFL or certificate in the form of a bank;
a copy of the work book;
bank account statement showing the availability of money for the down payment.

Most banks take into account not only the salary from the main place of work, but also other income: from rent, from the provision of services, royalties, etc. In order for the bank to approve a larger amount, you can provide documents confirming additional income.

After receiving a positive response, you need to provide documents for the purchased property .
The exact list of securities depends on the selected bank and type of real estate. Along with the documents for the property, you must attach an appraisal report on the value of the housing (we talked in detail about who and how to assess the market value of real estate in this material). Then you need to decide on an insurance company that will insure the risks of loss and damage to the premises, as well as the life and health of the borrower in favor of the bank.
The final stage is the signing of a housing purchase and sale agreement and the conclusion of a mortgage agreement . After completing all the paperwork, you need to register the mortgage with Rosreestr and register ownership of the purchased home.

Read about whether you can get a mortgage without certificates and additional documents here.

What difficulties are encountered?

The main problem is the harsh conditions of banks. A single borrower may be required to take out life and health insurance and make a large down payment.

Plan even the smallest expenses

Yes, you understood everything correctly - plan all your expenses, even the purchase of cheap goods. Of course, this may seem a little stupid, especially if previously you could buy yourself an expensive handbag or get an expensive manicure without any problems. Believe me, planning your expenses will allow you to get rid of unnecessary expenses.

In addition, this will allow you to understand how much money is spent on living. What part goes to food, utility costs, and so on. If you think you have an idea of your expenses, but have never written out a budget in detail, then you can be sure that you do not know anything about your financial situation.

Work out your budget in detail - this will allow you to see where you can save money. Use programs for your computer or smartphone - they will make home accounting easier. Home accounting will allow you to plan all your expenses. And most importantly, you can see where your money is flowing.

How much do you spend on bread, gasoline, clothing, utilities? Evaluate all your expenses. It is possible that you will temporarily have to switch to public transport to save on travel. Or buy a house in a cheaper area of the city. Of course, this option is suitable if you have the opportunity to sell expensive real estate.

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When will they refuse?

In what cases will the bank refuse:

if the client has a small income;
if you are not ready to insure life and health;
in the presence of debt obligations;
if your credit history is damaged;
if the client is unstable: he often changes jobs, the salary is different every month, etc.

Attention! To reduce the risk of rejection, you can provide additional collateral or make a large down payment.

Stop increasing your debts

If you are having financial difficulties, there is no need to increase the amount of debt. You will never be able to pay them off if you acquire new ones. First of all, you need to give up the habit of using credit cards - they can aggravate your situation.

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Give up credit cards for at least a few months. Of course, you need to try to close them so as not to owe the bank even more.