Help for Single Moms to Buy a House

From LoveToKnow Mortgage

The majority of programs that offer help for single moms to buy a house assist women who fall into the low-income bracket. If financial restraints are holding you back from owning a home for you and your children, consider researching programs which were created to help single mothers in your position.

Learn about different types of home loans.

You're Not Alone

National statistics regarding households led by single parents estimate that just under 35% of homes in the United States have only one parent present. Around 40% of households that are led by single moms fall within the poverty zone. With the expenses associated with raising a family, even single mothers with incomes that do not fall within the poverty zone may still have financial difficulties.

The fact that single moms may have difficulties making ends meet does not mean that these women won't someday want the security and sense of accomplishment that comes with owning a home where they can raise their children. Luckily, there are various programs that exist for the purpose of helping single moms realize the dream of home ownership.

Programs Providing Help for Single Moms to Buy a House

Whether the help you find is governmental assistance or donations from a private organization, any assistance that you receive can bring you closer to your dream of buying a home.

Housing and Urban Development: HUD provides loan guarantees for borrowers who might not otherwise be approved for a mortgage loan. Single mothers who do not qualify for a conventional mortgage can apply for FHA assistance and upon approval will be more likely to get approved for a mortgage loan. Although a loan guarantee is not an actual loan, a loan guarantee can certainly increase an applicant's chances of receiving the loan.
Home Investment Partnerships: The HOME Program provides downpayment assistance to low-income families and also new construction projects. Applicants to these programs must fall within a certain income level because simply being a single mom is not sufficient to receive assistance from this program.
Housing Choice Vouchers Program: This is another HUD program which assists people in low income brackets to purchase a home. The goal is to make sure that every family is able to afford suitable housing, regardless of income. The voucher programs vary by state.

Individual states sometimes provide home buying assistance, and there are even some counties and cities which have programs designed to help low-income individuals purchase a home.

That Extra Push

Downpayment assistance programs may be available for single moms.

Not every single mom falls into the category of low income, and sometimes the help needed is more educational than financial. You may have the income and credit scores to easily qualify for a mortgage loan, but if you have no idea how to go about it then it can be a daunting task.

Most lenders provide relatively unbiased mortgage advise, although the less scrupulous the lender the more likely the information you receive will not be to your benefit. Check the websites of well-known mortgage lenders to see what types of mortgage and home ownership education they offer. Many times you can find great information that will make the process of applying for a loan much easier. Some local colleges and community centers offer workshops on how to purchase a home, and single moms who are currently active duty military can receive valuable assistance from their Family Support Center financial advisors.

You may also want to consider contracting the services of a buyer's agent, because these professionals can truly assist you through the entire process. It is always easier to enter into something as challenging as purchasing a home when you have a knowledgeable person on your side.

Own Your Own Home

Although buying a house can be a scary prospect – especially when you are the sole provider for your children – the advantages of homeownership greatly outweigh any apprehensions you may have. It's important to seek out any help for single moms to buy a house you may be eligible for, and to also do as much research as possible to make sure you get the loan and home you deserve.