Mortgage for single mothers in Sberbank in 2021: procedure, conditions and existing programs for receiving benefits

Mortgage questions

11/15/2020 rent, mortgage, loan, snt

When a woman is raising a child alone and does not have her own apartment, the only option is often a mortgage. However, not everyone can master it. Therefore, the state provides special benefit programs. And so a mortgage for a single mother, let’s figure out what to expect.

• 1 Concept from a legal point of view
• 2 Is it possible for a single mother to get a mortgage for an apartment?
• 3 How can I get a mortgage from Sberbank? 3.1 Sberbank requirements
• 3.2 Package of documents
• 3.3 Submitting an application

Can they give a mortgage to a single mother?

Attention
Single mother status can be obtained by women who are not officially married and have one or more children. The presence of a partner does not deprive a woman of benefits. The rule is valid until the relationship is officially registered.

However, a divorce from her ex-husband does not make a woman a single mother. The status is assigned in the following cases:

Attention! If you have any questions, you can chat for free with a lawyer at the bottom of the screen or call Moscow; Saint Petersburg; Free call for all of Russia.

1. On the child's birth certificate, there is a dash in the father column.
2. A woman adopted a child without being officially married.
3. The child was born 300 days after the divorce. In this case, the former spouse is officially recognized as the father.
4. Adoption was carried out in marriage, but the husband refused to participate in the process.
5. The man listed as the father disputed his involvement in the birth of the child.

Banks do not classify single mothers as a separate category. Therefore, housing loans are issued on a general basis. However, a woman can count on social assistance from the state when applying for a mortgage. If a mother has two children, it is permissible to receive maternity capital or participate in other programs.

For your information

First of all, it is recommended to find out the presence of local benefits in your area of ​​residence. In some regions, single mothers can qualify for free housing. If there is no corresponding program, you can try to get a mortgage. Financial organizations are reluctant to cooperate with single mothers, but you can still get the service. To do this, you will need to convince the bank that the woman will be able to easily repay the housing loan even in the absence of her husband.

Is it possible for a single mother to get a mortgage for an apartment?

Refused for a mortgage? Read! Apartment rental with subsequent purchase

It is difficult to say that social support for single mothers in Russia is provided as effectively as possible. But there are a number of benefits, such as a monthly allowance. In addition, it is possible to obtain real estate for free in order to improve living conditions. To do this, you need to officially register as a mother of many children without housing or provide written confirmation of income below the subsistence level. After completing all the necessary papers, the apartment will not be given out, but will be placed in a queue for receipt. But you'll have to wait a long time.

The only option left is to take out a mortgage. It is known that in order to issue it, banks require borrowers to meet certain conditions. Their list includes official employment for a certain period at one place of work, as well as a stable income. And not just any amount, but so that it covers the monthly loan payments. What to do if wages and social benefits are not enough to pay?

Many banks follow one general rule. They do not approve loans to those whose total expenses, including mortgage payments, are higher than 60% of the total family income.

Financial organizations are meeting the needs of preferential categories of the population by offering special mortgage lending programs. They also have the right to count on subsidies from the state. Let's take a closer look at how to get a mortgage for a single mother.

Note! Some banks, such as Raiffeisenbank, do not keep records of dependents when distributing total income to all family members. This is especially beneficial for mothers with children. VTB provides larger loans to preferential categories of the population than Raiffeisenbank. And in Sberbank, despite the fact that dependents are taken into account when calculating solvency, they allow you to indicate additional income when filling out the application form. Moreover, they do not require documentary evidence. As a result, Sberbank may approve an even larger mortgage than VTB.

Mortgage programs for single mothers

Single mothers have access to all classic mortgage programs operating in Russian banks. A woman can get a mortgage for:

• new or secondary housing;
• purchasing a ready-made premises or building real estate from scratch;
• apartment, house, townhouse, country property.

However, in practice, the income of a woman who is forced to support one or more children on her own may not be sufficient to cover a housing loan. In this situation, banks will begin to refuse to provide funds on classic terms.

However, the state comes to the rescue. It allows you to receive a number of benefits. Help is provided in the form of subsidies or low mortgage interest rates. In the first case, a certain amount of money is allocated from the budget. It is transferred to repay the principal debt, interest or is used for a down payment. If we are talking about reducing the amount of overpayment, the bank will compensate the difference between the real rate and the indicator established under the offer available to the woman.

For your information

Additionally, a single mother has the right to take advantage of preferential programs operating in a specific financial institution. Thus, banks cooperate with developers. If a client buys a property from a company recommended by a financial institution, the mortgage rate for a single mother can be significantly reduced.

Mortgage programs for single mothers

Mortgage conditions for single mothers at Sberbank generally do not differ from the conditions for other borrowers. In order to save on loan payments, you should first apply for participation in any preferential program offered by Sberbank. It would also be wise to use maternity capital.

Non-targeted loan

As a mortgage without a down payment, a single mother may be recommended a non-targeted loan. The requirements for such a product are usually slightly lower than for a mortgage. But the amount here may be significantly less. At Sberbank, a non-targeted loan can be obtained at a rate of 10.4%, which is quite comparable to the standard mortgage interest rate. The loan term for an amount up to 10 million rubles ranges from 1 to 20 years.

Advantages of a non-targeted loan:

1. It's easy to pay off early and save on interest.
2. There are no minimum amount restrictions.
3. There is no need to make a down payment.
4. You can pay off your debt in larger installments and save on interest.
5. There is no need to insure the apartment.
6. An apartment, if it is the only home or a child is registered there, cannot be foreclosed on by the bank. The bank can take away the mortgaged apartment in case of non-payment of the loan.

However, preferential programs do not apply to non-targeted loans.

Programs with government support

Programs with government support allow you to significantly save on interest, as well as partially pay for housing using government funds:

1. Social mortgage. Provided to employees of budgetary institutions: teachers or doctors.
2. "Young family". The program applies to families in which each adult participant is under 35 years of age. If the family is incomplete, but there is a child, then only the woman’s age is taken into account, and a single mother is given a preferential mortgage.
3. "Dwelling". Program for improving living conditions. People who live in an apartment where the number of square meters per person is below the housing standard in a particular region of the Russian Federation can apply for participation in it. In Moscow this minimum is 18 square meters. m. In other regions - from 11 to 18 sq. m. m per person.

Young Family Program

Single mothers who were not married can count on receiving benefits under the Young Family program.

To participate, the following conditions must be met:

1. The woman's age is not older than 35 years.
2. The income is not enough to purchase housing, which can be documented.
3. A woman must be recognized as in need of improved living conditions. It is worth noting that the birth of a child directly affects this factor, since with the birth of a baby the number of square meters in an apartment per person decreases.

Mortgages under the “Young Family” program are issued under the following conditions:

• amount - from 300,000 rubles;
• loan term - from 1 year to 30 years;
• rate - from 7.6%.

After joining the program, you can apply for a preferential mortgage for single mothers at Sberbank, and then begin choosing an apartment. After the conclusion of the contract, the money will be transferred to the developer’s account if all the requirements set by the bank have been met.

Expert opinion

Irina Bogdanova

Expert in the field of mortgage lending.

Sberbank provides a discount on the loan to participants of the Young Family program. The interest rate will be reduced by 0.4%.

Mortgage and maternity capital

A single mother can use maternity capital both to pay the down payment on housing and to pay monthly contributions. Such support from the state is also available to participants in preferential programs, and the amount of capital can be spent on housing. In this case, the monthly mortgage payment will be lower, making payments easier. The likelihood of the bank approving your application will also significantly increase.

A mortgage for maternity capital is issued on the following conditions:

• amount - from 300,000 rubles;
• loan term - up to 30 years;
• rate - from 4.1%.

However, it is worth considering that the bank is cautious about issuing loans for the purchase of an apartment with the participation of maternity capital and checks the questionnaires more carefully.

State assistance

The state seeks to support single mothers. Therefore, women can take part in most programs that allow them to obtain a mortgage on preferential terms. Single mothers have access to:

1. Maternal capital. Funds are provided for the birth or adoption of the first and subsequent children. The state provides a subsidy. The money can be used to improve living conditions. It is acceptable to direct the amount towards the principal debt or use it as a down payment. Single mothers will be provided with a certificate. It cannot be cashed out. The procedure is considered a violation and can be classified under an article of the Criminal Code of the Russian Federation as fraud.
2. Young family program. The offer is available to persons under the age of 35 who want to buy real estate on the primary market. The state will provide the woman with funds that can be used as a down payment. Additionally, a person can apply for a mortgage at a reduced interest rate. For the birth of a second child, the overpayment will be reduced within 3 years. When the third and subsequent children appear in the family, the period will be 5 years.
3. Regional programs. The conditions depend on the regulations adopted in a particular locality. Thus, residents of the Far North are entitled to receive subsidies.

Suitable ways to get a mortgage

Let's look at them in more detail:

• Social mortgage . The state subsidizes mortgages for certain categories of the population, which, in particular, include single mothers. Social lending works as follows: their state budget allocates a certain amount to repay part of the debt, the remainder of the loan is distributed over the entire term. This approach allows you to reduce your monthly mortgage payments or shorten the payment period.
• Maternal capital . The mechanism for making a down payment using state benefits, designed for families with two or more children, has already been described above. But this method is not suitable for women with one child.
• " Family Mortgage ". This program is designed for families whose second or third child was born after January 2021. It allows you to get a mortgage at a reduced interest rate - just .

When using the Family Mortgage program, mothers with two or more children can also use maternity capital funds in the form of a down payment.

Bank interest rates on mortgages for single mothers

There are no special interest rates for single mothers. It all depends on how the purchase of housing is carried out - under a state program or on standard terms. If preferences are used, the overpayment on the mortgage can be reduced and will be about 6%. If a person receives a mortgage on classic terms, the rate will be about 8.5% per annum.

By studying the market, a woman will be able to find offers with a relatively small overpayment. However, please note that advertisements show a minimum bid. In practice, the figure will be slightly higher. It is influenced by:

• credit history;
• financial position;
• availability of co-borrowers, guarantors and their number;
• single mother age;
• the amount of the down payment.

The more risk the financial institution takes, the higher the mortgage interest rate for a single mother will be set. Therefore, experts recommend trying to increase your reliability by attracting additional co-borrowers and guarantors.

Sberbank requirements for a single mother

The conditions for providing a mortgage for a single mother at Sberbank are no different from those that apply to ordinary borrowers.

Basic banking requirements when providing preferential mortgages:

• having a permanent income that can be documented;
• be at least 21 years old and not older than 75 years old at the time of repayment of the mortgage loan;
• time worked in the last place - at least six months;
• total work experience in a permanent official job - at least 1 year;
• having a positive credit history and no overdue payments on other loans.

Expert opinion
Irina Bogdanova

Expert in the field of mortgage lending.

According to current legislation, the payment for a housing loan should not exceed 60% of the total family income. If one official source of income is not enough, you can indicate additional income to the bank: from renting out housing, alimony payments, freelancing activities.

Those hoping to receive a preferential mortgage will also need to present documents confirming their right to benefits:

• about the need to improve living conditions;
• about the birth of a child;
• about the status of a poor woman.

Mortgage for a divorced woman with one child

On the one hand, it will be easier for a single woman with a child to take out a loan for housing than for a woman with two children, since the bank will take into account not only income, but also expenses, as well as the client’s solvency. There will be fewer expenses per child.

In addition, upon the birth of the first child from January 1, 2021, a single mother also receives maternity capital in the amount of 466,617 rubles, which can be spent on a down payment on a mortgage or on paying monthly payments later.

Also, after the birth of your first child, from January 1, 2021, you can use the “Young Family” program, under which the state pays 35% of the cost of housing as a subsidy, that is, then you will not have to return this money.

Mortgage for a divorced mother with two children

For a divorced or single mother with two children, obtaining a loan will differ slightly from obtaining a similar loan for a woman with one child. Formally, the bank will present the same conditions as for a mother with one child. But it is worth remembering that with two children it is much more difficult for a woman to repay a loan.

So, in this situation:

• high expenses for children;
• the risk of a child becoming seriously ill doubles;
• the mother is also more likely to lose her job;
• It is more difficult for single women with two children to find a job later.

Therefore, the bank may require an additional guarantee for loan repayment. This may be a pledge of some property or a guarantee from another person.

A mother with two children receives the same benefits and preferences from the state as a woman with one child. The only difference: upon the birth of a second child from January 1, 2021, maternity capital is 616,617 rubles.

Terms of service

Single mothers receive a mortgage on general terms. Banks are ready to issue from 300,000 to 60 million rubles for the purchase of housing. It all depends on the financial situation, the chosen financial institution, the cost of the apartment and the region of residence.

A down payment is required. It demonstrates the borrower's solvency. The size of the starting payment ranges from 10 to 50% on average. The larger the amount a person is willing to deposit on their own, the more loyal the mortgage loan rate will be.

Attention

You can get a mortgage without a down payment if the woman is eligible for a subsidy. The funds allocated by the state can be used as a starting payment. In a classic situation, companies rarely provide a mortgage without a down payment. Similar offers are still available on the market, but companies check the client for compliance with established requirements and provide a loan under strict conditions. The interest rate offered may increase significantly, and the available amount and loan term will be reduced.

If a single mother receives a mortgage, the apartment will become encumbered until the loan is fully paid off. For the bank, this is an additional way to protect itself from non-compliance with the terms of the agreement on the part of the borrower.

Required documents to obtain a mortgage

The first stage of obtaining a loan for the purchase of real estate for a single mother is filling out an application for a mortgage of the established form and preparing a list of documents.
Based on the documents provided, the borrower is verified. Required documents:

1. Russian passport of the borrower, as well as co-borrowers with a registration mark and SNILS.
2. Documents confirming your financial position (certificate 2-NDFL and work book).
3. Documents for the collateral property (if any).
4. Child's birth certificate.
5. Documentary confirmation of the availability of a down payment. If maternity capital is used, then an extract from the Pension Fund of the Russian Federation on the balance of funds under this certificate.
6. Divorce certificate (in case of divorce).
7. Documents for the purchased living space (can be submitted within 90 days after approval of the loan application).

The time it takes to consider an application depends on many factors, but in general it does not exceed 5 working days. If the mortgage is approved, Sberbank will begin checking the property being financed.

How to determine the affordable mortgage amount for a single mother?

Most financial institutions have a calculator on their website. Using these programs you can calculate the amount available. To perform the action, you will need to provide the following information:

• the cost of the apartment that the woman wants to purchase;
• the amount of the down payment;
• loan terms.

The system will determine the available amount and inform you of the amount of income you need to have to use the service. It is important to understand that the information is approximate.

For your information

If a single mother wants to clarify the specifics of cooperation and determine how much money she can receive on a mortgage, she can contact the office of the financial institution directly. Company employees will clarify the terms of cooperation.

Confirmation of single mother status

As mentioned earlier, there are no specialized programs designed for single mothers to obtain mortgages. Women can take advantage of universal rates or receive a preferential housing loan. Proof of single mother status is not required. However, the action can still be carried out. Sometimes a document is requested.

To confirm your status, you must contact the social security authorities. You must have with you:

• identification;
• children's birth certificates;
• a certificate confirming that the minor lives with his mother;
• certificate in form number 25, issued by the registry office;
• income certificate;
• work book;
• completed application.

Other social programs from Sberbank

In 2021, there is a separate social program from Sberbank for a reduced interest rate on mortgages, “State Support 2021”:

• down payment amount - from 15%
• mortgage amount - up to 12 million rubles;
• rate - from 0.1% for the first year, then - 6.1%;
• For loans issued for the purchase of a new building, a special rate of 6.5% is applied.

In addition, there is a mortgage to support families with two or more children, as well as in the presence of a child with disabilities:

• loan term - from 1 year to 30 years;
• loan amount - up to 12 million rubles;
• rate - from 0.1% for the first year.

You can clarify questions about the procedure for obtaining a mortgage for a single mother at a Sberbank branch, online chat on the bank’s website, or by calling 900.

List of documents

To get a mortgage, you will need to prepare a package of documents. The list must include:

• completed application;
• identification;
• work book;
• income certificate;
• a preliminary purchase and sale agreement, if the property has already been selected and the seller agrees to conclude the transaction;
• title and technical papers for real estate;
• assessment result.

Additional information
If an apartment has not yet been selected, property papers are not provided. When a woman wants to take part in government programs, it is necessary to confirm her right to use benefits. This may require submitting documents to a regulatory authority. The list varies depending on the program the single mother wants to participate in.

The legislative framework

Significant items of expenditure in the housing sector for single parents are:

• Payment of utility services.
• Purchasing your own comfortable home.

It is almost impossible to improve living conditions at the expense of the income of the sole breadwinner of the family, which is why a woman has the right to apply for participation in the following government programs:

1. “Young Family” within the framework of Russian Government Decree No. 1050;
2. “Social mortgage” in the manner determined by the Decree of the Government of the Russian Federation No. 1567.

Also, a single mother can apply for a subsidy that reimburses part of the costs of paying for utilities in accordance with the norms of housing legislation, in particular Article 159 of the Housing Code of the Russian Federation.

At the regional level, depending on the region (territory), several more benefits are provided that allow a woman to compensate for part of the costs or reduce them as social assistance for the preferential category.

Participation in government programs to improve housing conditions is available to all families, regardless of their status as beneficiaries. Therefore, a single mother can apply for the purchase of her apartment only on a general basis .

And another type of state assistance, already at the federal level, is the provision of housing for single-parent families on the basis of a social rental agreement. But a woman with a child will be able to apply for a municipal apartment only if she also belongs to the category of low-income citizens who do not have their own housing within the framework of the Housing Legislation of the Russian Federation.

Do you have your own home?

Yes

26.63%

No

73.37%

Voted: 353

Step-by-step registration instructions

Applying for a mortgage for a single mother follows the classic scheme. You need to do the following:

1. Familiarize yourself with the current offers by carefully studying the conditions for issuing funds. It is better to analyze programs as a whole. This will allow you to choose the most profitable service. If a woman is eligible for a subsidy or reduced interest rates, it is better not to neglect the opportunity. In this situation, an initial contact with the authority overseeing the program may be necessary. This is where the certificate will be issued. The paper will need to be included in the general list of documents for applying to the bank. If there are no rights to benefits, the step regarding registration of preferences must be skipped.
2. Prepare the initial package of documents and contact the bank. Usually you need to have a completed application, identification card, income certificate, and work book with you.
3. Submit the package of documents to the authorized body and wait for a decision to be made. The bank will analyze the application and provide a response. If the verdict is positive, the woman will additionally be informed how much money she can claim.
4. Choose housing taking into account the indicated amount. There is no point in delaying the procedure. The financial institution provides from 30 to 90 days to obtain a mortgage. If the deadline is missed, you will have to submit your application again.
5. Contact the real estate seller and offer to conclude a deal. If the owner of the premises agrees to sell the apartment on a mortgage, a preliminary purchase and sale agreement must be drawn up.
6. Carry out the real estate assessment procedure and collect a package of papers for the premises. In addition to the expert’s opinion, the list should include a purchase and sale agreement, title and technical documents for real estate.
7. Submit documents to the bank. The financial institution will check them for correctness. If no errors are found, a contract will be concluded. The citizen is required to provide a down payment.
8. The premises are re-registered to the borrower in Rosreestr and the mortgage is issued. The papers are transferred to the bank. The citizen is obliged to insure the premises. By law, it is necessary to protect property from destruction or damage. The beneficiary is the bank. However, organizations are typically asked to purchase life, health, property and title insurance.
9. Wait until the financial institution transfers the money to the seller’s account. When the amount has been received and the re-registration of the property is completed, the person becomes the full owner of the premises and must begin repaying the housing loan.

How can a single mother get a mortgage loan?

There are three ways to get a mortgage for a single mother from Sberbank:

1. Get a mortgage on a general basis. This is the simplest way, but it is important that the mother’s income is enough to repay the loan.
2. Take a non-targeted loan from Sberbank. This option is suitable when about half of the amount for the apartment is paid through the sale of old housing or other personal money. In this case, all that remains is to get a small amount, which can be obtained as a regular loan. The advantages here are that the new housing can act as collateral for the loan, but at the same time it will not be possible to evict the residents from it in case of non-payment of the debt.
3. Take a soft loan with government support. In this case, you will need to provide documents about previous housing, the need to improve living conditions, the availability of government preferences, low-income status, etc.

Stages of obtaining a mortgage

At Sberbank, applying for a mortgage for a single mother is carried out in different ways:

1. Prepare a package of documents yourself and contact the Sberbank branch where applications for mortgage loans are accepted
2. Collect a package of documents, scan them and apply for a loan online on the Dom.Click portal. If the bank's decision is positive, a visit to the office will also be required.
3. Contact developers who cooperate with Sberbank. Sometimes they offer preferential loans for their new buildings.

1. Contact the public services center to join the “Young Family” program and receive a subsidy for it. Also, as part of the program, a mortgage from Sberbank will be offered.
2. Contact a realtor and, with his help, not only choose an apartment, but also apply for a loan.
3. Contact a credit broker who will help you prepare documents and choose the most profitable program.

Applying for a mortgage loan through commercial specialists - brokers or realtors - is much easier. However, it should be remembered that they are interested both in the success of the transaction and in its amount. Therefore, it will not be profitable for them to help in applying for a preferential program.

After approval of the application, you can conclude a loan agreement with the bank and purchase property within 90 days.

Necessary documents for obtaining a mortgage

To apply for a loan, you must first provide a complete package of documents:

1. Passport.
2. A second document that identifies the individual, such as a driver's license.
3. Documents confirming receipt of permanent income: 2-NDFL certificate, property rental agreement and bank statement confirming receipt of funds or payment of alimony.
4. Certificate for receiving maternity capital.
5. Single mother certificate.
6. Divorce document if the woman was previously married.
7. A certificate from the bank account where funds for making a down payment are kept, or an extract from a personal account confirming the availability of maternity capital.
8. Child's birth certificate.

If you plan to participate in the Young Family preferential program, then you must first submit documents to the multifunctional public service center at your place of residence. Once you are approved for enrollment in the program, you must submit an application for a loan. If a positive decision is made, you can begin choosing housing (if it has not yet been chosen), and then sign a loan agreement and purchase an apartment.

At the request of the bank, the life and health of the borrower, as well as the collateral, that is, the apartment, must be insured.

Mortgage for a single mother with no down payment

Banks do not seek to cooperate with single mothers. If a woman cannot provide a down payment on a mortgage, the likelihood of her application being rejected increases significantly. For a bank, the lack of an initial payment means additional risks. Therefore, getting such a loan is problematic. However, a woman can use subsidies if she is eligible for them.

Additionally, you can try contacting a credit broker. This is the name given to specialized organizations that provide assistance in obtaining loans. Companies will independently study the market and help you choose the appropriate option, which implies the absence of a down payment or sets its minimum amount.

For your information

If a woman wants to buy inexpensive premises, she can try to take out a consumer loan. The service is distinguished by an increased interest rate of about 20% on average and a reduced loan term of up to 5 years. However, the property will not become encumbered. Additionally, banks are much more willing to provide consumer loans. As part of the offer, you can receive up to 5 million rubles.

How else can you reduce your mortgage interest rate for a single mother?

To lower the mortgage interest rate, a single mother must prove her trustworthiness and solvency. First of all, it is recommended to try to provide a down payment as large as possible. The larger the initial payment, the lower the rate the bank will set.

It is then recommended that you provide a complete list of documentation. The bank wants to understand which person it will have to cooperate with. It is strictly not recommended to take out a mortgage using two documents. It is better to spend time collecting papers and get a more loyal rate.

For your information

Experts recommend that you first contact the banking company where the person receives their salary. Very often, the organization provides clients with personal rates that allow them to receive mortgage funds at a reduced rate. Typically, the overpayment according to the offer is 1 - 2% lower than in the classic case.

It is recommended that you familiarize yourself with the list of benefits provided by the state. Perhaps the woman is covered by the programs. In this case, you can use a subsidy or reduce the amount of overpayment.

Advantages and disadvantages

The main advantage of the service is the purchase of housing even in the absence of funds. A single mother will no longer have to live with her children in rented apartments or live with relatives. The disadvantage of a mortgage is that it is difficult to obtain. Banks place increased demands on this category of citizens, since cooperation with single women raising children on their own is associated with increased risks. There is a high chance of your application being rejected. Therefore, it is necessary to convince the financial institution that the woman will be able to repay the mortgage without any hindrance.

How can a single mother improve her chances of getting a mortgage?

If a woman has low income, but wants to take out a mortgage, it is recommended to involve a guarantor and co-borrower. It is important that they meet the requirements of the financial institution. If the property contains expensive assets, you can provide the company with additional collateral. This will have a positive impact on the likelihood of your application being approved. Additionally, it is important to respond to requests from the financial institution in a timely manner and provide the necessary documents. It is recommended to contact the bank only if you have a good credit history and a stable income. If your credit history is damaged, the first thing you need to do is fix it.

Requirements for the borrower when applying for a mortgage

The conditions for purchasing a home under the mortgage program for single mothers at Sberbank do not differ from the conditions imposed on other categories of citizens. Accordingly, the following requirements are established for these clients:

• Citizenship - Russian Federation.
• The borrower's age is from 21 to 75 years.
• Fixed income. Work experience must be equal to 6 months in the current job and at least 1 year in the last 5 years.
• Good credit history. In this case, the borrower should not have debts on previously received loans.

Sberbank pays special attention to the level of monthly income of a single mother.
In accordance with the law, payment of the monthly loan amount, as well as mandatory expenses, cannot exceed a threshold of 60% of the monthly income. This factor limits the bank in the maximum amount of the loan issued. If the required loan amount does not correspond to the income received, then the client has the right to attract a co-borrower, since the amount of income of this person is included in the total income of the main borrower and affects the final size of the loan. The bank does not prohibit the presentation of documents that can confirm the presence of additional income. Their sources include open deposits, rental housing, etc. The above factors also affect the approval of a mortgage by Sberbank.

What to do if banks refuse?

If banks have given a negative answer on a mortgage for a single mother, you should not continue to mindlessly break into other financial organizations. The action will not bring success. First of all, you need to try to analyze your position from the bank’s perspective and understand the reasons for the decision. If the reason is a negative credit history, it is recommended to take out several consumer loans and repay them on time. This will have a positive impact on the borrower’s reputation and increase company loyalty. When the reason for the rejection of an application is low income, it is necessary to provide guarantees of solvency. To do this, you can attract guarantors or co-borrowers. Having additional collateral will also increase company loyalty.