Wednesday, 22 February 2017

Low Income Housing Grants And Loans For Single Mothers

A decent and affordable house is an essential need for all but for low income single mothers, it’s a challenging task to get a shelter. Single mothers are the sole bread earners of their families hence they are often financially crunched. Well, there are housing grants and loans for single mothers from the federal government and nonprofits that can financially assist them and help get a house. Read on to know more.
Federal Grants for Housing
HUD: single mothers can get housing grants like Housing Choice Voucher Program (Section 8), The Homeless Prevention and Rapid Re-Housing Program, HOME Investment Partnerships Program, Public Housing Family Self-Sufficiency, Community Development Block Grant Program (CDBG) and Supportive Housing for Persons with Disabilities. The grants are given based on the financial status, income level and need or emergency.
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Transitional Housing Assistance Program: single moms or women who have survived domestic violence, abuse and are homeless can seek assistance from this housing program. The grant program helps to find a new shelter and also meet with other needs such as counseling, employment, utility needs, rent needs, daycare and pregnancy requirements.
low income home loans for single moms
USDA Rural Development: those residing in rural areas can avail USDA housing grants for paying off their rent and mortgage. Based on the income of the applicants, vouchers are given that compensates the amount that the tenant cannot pay to the renter. Very low income to no income single mothers can be benefited from this program.

Housing Loans
FHA Mortgages: The Federal Housing Association (FHA)provides benefits to single mothers even with low credit scores and without evaluation of rental history. 3.5% low down payment and 96.5% mortgage are offered by the FHA to mothers having limited income. Moreover, benefits like easy credit approval, lower closing costs and lower down payments can also be enjoyed by eligible loan applicants.
United States Department of Agriculture (USDA) Loan: Low income single mothers seeking shelter in rural areas can avail loan from the USDA without any down payment. If you have a credit score of 620 or more you are eligible for the program.
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AmeriDream Inc.: single mothers can get down payment benefits for purchasing homes. The grant program, set up to $10,000, is administered by HUD and requires no repayment. This benefit program is available in all the 50 states of U.S.
Single mothers can also turn to non-profits that offer home purchasing funds and assistance programs. Nonprofits like Habitat for Humanity, Fannie Mae, Salvation Army, Mercy Housing, American Red Cross, YMCA, Family Housing Fund and many such nonprofits offer housing assistance. Churches, community organizations, and accredited agencies also offer financial help; check with them. Single mothers can now accomplish their dreams of homeownership even with a pinching pocket. If you an enthusiastic home buyer evaluate your choices, plan your expenditure and start applying today.



Tags- grants for single moms, home buyer, housing loans, low income mothers, daycare grants, mortgage assistance, pregnant mothers.
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