Single mothers require affordable shelters for her family but purchasing a house with the inadequate income levels can be unaffordable. Home purchasing can be very expensive hence mothers need financial aid, grants and benefit programs that will help them fulfill their dream of homeownership.
The federal government, states, and nonprofits offer first time home buyer grants for single mothers. These can help with down payments, mortgages, interest rates, discounts and home loans.Accomplish your dreams of home purchasing with these home grants now.
First Time Housing Grants List for You
Single mothers who have never purchased a home stand eligible for the first time home purchasing grants. Also, those who haven’t owned a home in the past three years can also apply for grants. To get a home the income of the mother needs to be within the stated limits. This keeps varying according to states and areas.
Here are some of the housing assistance programs to purchase a home:
Section 8 Housing Choice Voucher Program
Administered by HUD, the Section 8 Housing Choice program offers housing assistance to single mothers to purchase single family houses, apartment or townhouse and reside in privately owned houses or in complexes. The landlord is paid the major portion of the rent by the Housing Authority every month and the rest is compensated by the applicants. The home selected by applicants must meet the set quality, health and safety standards of HUD.
State Finance Housing Agencies
Each state has a housing finance agency (HFA) that can help with home purchasing programs. Just do some quick internet researches to locate the local office and then you are done. Visit the office for some counseling sessions to know the different types of home purchasing programs available and those you are eligible for. You can also get to know about the paperwork and documentations required to apply.
Federal Housing Association (FHA) Loans
The Federal Housing Association (FHA) offers home purchasing assistance to single mothers. No rental history is needed and single mothers can get loans with low credit scores. Loans with low down payment of 3.5% and 96.5% mortgage can also be availed. These loans, insured by FHA, are generally offered by the credit union or bank. Single moms can get benefits like lower closing costs, lower down payments, and easy credit approval.
AmeriDream Inc. provides first time home buyer grants and the required down payments for single mothers. This charitable organization also provides services like Home Retention Program that offers foreclosure prevention and counseling to people who are going through financial hardships.
Several nonprofit organizations assist in home purchasing or construction of houses. Fannie Mae, for example, sells foreclosed homes to people with good credit scores with easy credit evaluations and smaller down payments. Habitat for Humanity builds a home for low income people. These organizations are funded through the state and local governments.
First time home purchasing grants for single moms are also available from community agencies, city-specific programs, local governments and housing counseling agencies. Get your grants and fulfill their dream of purchasing a home. For more information read First Time Home Purchasing Grants.
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