For many young families and single mothers, the issue of purchasing separate housing is one of the paramount. Since accumulating a large amount of money to buy an apartment is almost impossible, many are trying to get a mortgage. But not all applications of borrowers are approved by banks. Whether a single mother is given a mortgage is a topical issue for women raising their own children. For these categories of borrowers, the state and financial organizations have specific target programs that can improve the living conditions of such families.
Is it possible to get mortgages in 2018 for mothers raising their own children
For women involved in raising one or more children alone without a husband, the process of obtaining a mortgage cannot be called simple. However, on the territory of the constituent entities of the Russian Federation there are several social programs that help solve such issues.
It is important to take into account that for banking and credit organizations single mothers are not allocated to a separate group, therefore, each applicant for a mortgage must comply with the announced conditions.
As an exception, only special state programs aimed at supporting this category of the population can be singled out. Under such circumstances, certain preferential conditions are provided and the opportunity to receive a subsidy at a time or other opportunities that will help to obtain housing on more democratic terms. Terms and conditions may vary depending on the region of residence.
In order to get a mortgage loan as a single mother, this fact must be confirmed by relevant documents and certificates. Compared to other groups, more guarantees are provided for such individuals. For example, a pregnant woman or a lonely woman with a small child is almost impossible to dismiss from the workplace, which means that this can serve as evidence of a stable income.
Accordingly, when registering a mortgage, a single mother has every opportunity for a positive decision of the bank, regardless of whether she is married. In this case, she has two ways:
- Applying for standard requirements to banks.
- Using a social program.
Registration through a social program
Some single mothers are not able to apply for mortgages due to the low level of official income. In this case, the question of purchasing a separate housing does not stand any delay. The term social mortgage lending itself implies the existence of special conditions:
- A subsidy that is allocated separately at the state level. The established amount is transferred to the account of the credit institution for repayment of part of the debt of the mortgage issued by a single mother.
- Determination of a low interest rate. Unlike standard offers, the amount of overpayment will be an order of magnitude lower.
Features of obtaining
It is important to take into account that today, such an opportunity does not exist in every region. However, in the territory of many constituent entities of the Russian Federation, such a category of persons can count on receiving social support. As a rule, the provision of a social mortgage to a single mother with two children is carried out as follows:
- Documentation of the relevant status.
- Join the queue as needing social housing.
- Making a loan in a banking organization.
- Receiving material assistance from the state. As a rule, appropriate compensation is used for this.
Using a social program to get a mortgage
For several years, the social program has been very popular in many regions of the country. A single mother also has every reason to become a member of the Young Family or Housing project. Banking organizations that take part in it provide preferential mortgage terms. As an example, consider a mortgage for a single mother at Sberbank.
So, for example, the interest rate per year will be only 8.6%, and the loan size - from 300,000 rubles. However, at least 20% of the loan amount must be paid as a down payment. Since the terms are quite loyal, you can conclude a contract for 30 years, which will help reduce the monthly financial burden.
It is important to note that each young family may receive additional subsidies. Their size depends on the financial situation and the number of family members. The maximum assistance under the social program is not more than 35%. In 2018, a new project “Family Mortgage” was opened, which implies a maximum loan size of 3,000,000 rubles for a period of 30 years. The rate of 6% applies. However, the following condition must be met: the second and third child must be born no earlier than January 1, 2018.
What are the requirements?
Whether a single mother is given a mortgage depends largely on the candidate for concluding a debt agreement. Among the basic requirements for a borrower to obtain a mortgage on preferential terms, we can distinguish:
- Russian passport.
- The age of the candidate at the time of application must be at least 21 years. It is important to note that subsidy programs also set an upper limit of 35 years.
- Confirmation of official earnings, which will indicate solvency.
- Positive credit rating (minimum number of closed delinquencies and other breaches of the contract).
- Work experience at the last place of work should be at least 6 months.
In order to be able to participate in social projects, a single mother must also confirm the need for better housing conditions.
How to take a mortgage for a single mother?
The design process can be divided into several stages:
- Collect the necessary package of documents for applying.
- Make an online application on the official website or come to the bank branch and submit an application with filling in the necessary data.
- Expect consideration of the SB application and verification of the data provided.
- Deposit the initial amount of money provided by the credit institution.
- Register the property as collateral with the appropriate authority.
- The implementation of the transfer of funds.
The procedure itself is carried out according to standard regulations. Only the conditions for granting a mortgage in accordance with social projects may differ. When a mortgage is issued by a single mother with maternity capital, it must be attached to the main package of documents provided during the application process. Means of the certificate can be used both for the down payment and for repayment of the principal amount of the debt.
Package of required documents
Among the main papers for registering a social mortgage by a single mother, a potential borrower must provide:
- Russian passport.
- Documentary evidence from the relevant state body that the citizen really needs to improve housing conditions and can apply for social benefits.
- Application in the form established by the bank.
- A document proving that the mother is raising a child alone.
- Evidence of the presence of children.
- Family composition document.
- Confirmation of material condition.
If necessary, the bank has full authority to request additional certificates or documents. As a rule, this happens if the Security Council is at a loss to make a decision on the application.
Where can I go?
To date, the number of banks that work with social programs and give a mortgage to single mothers is not so large. It is important to note that with this decision, it is necessary to prepare in advance the required package of documents with visits to government organizations. So, for example, to get a certificate of the status of a single mother, you need to contact the municipality. It is important to take into account that the state of the credit market is such that if a client is able to document her solvency and has previously fulfilled her credit obligations to banks without violations, this status will not matter.
How to increase the chances of approval?
As a rule, banks pay the most attention to a document confirming financial income and the information contained in the BKI. Other factors are not so important, so it is quite possible to get a mortgage for a single mother with two or more children, if she has a good official income. Increase the chances of concluding a deal can:
- Ownership of movable and immovable property.
- Guarantor registration.
- A down payment is greater than the minimum bid.
- The absence of serious violations that are recorded in the BCI.
It is recommended to pay attention to the proposals that are announced by Sberbank. First of all, this is an organization that operates at the state level, which means that the percentage of security is as high as possible. In addition, participation in a social program helps to significantly reduce overpayments at credit rates.
Is it possible to do without a down payment?
You can apply for a single mother mortgage with one child or more without first depositing a certain amount in the following cases:
- When using a mortgage program that does not provide for PV.
- Use of government subsidies.
- Making a loan when applying for a pledge.
- Using a parent certificate.
- To borrow money.
- Use a promotional offer from the developer (if any).
It is important to take into account that banks also try to reduce the risk for themselves when they offer programs without a down payment. The best option is to use maternity capital. Based on the current legislation, it is allowed to use a certificate for mortgages.
In this case, the family should have more than two children. The certificate can be used not only for down payment, but also for repayment of debts, accrued penalties for late payment. The only exception may be the lack of compatibility of the subsidies used. In this case, you have to choose which is more profitable to use.
In fact, there are many options for how to apply for a single mother mortgage. She can always qualify for social subsidies and prove her own right to improve the conditions in which she lives with her children.
Social programs exist even if a potential client does not have enough money, then she can claim to ease the financial burden and still get a mortgage for living with children. In addition, if you manage to arrange real estate as collateral, then the likelihood of obtaining approval by the bank increases dramatically. After all, he receives serious guarantees of payment.