The dream of owning your own home is just that for many single moms - a dream. Usually income and cash flow are obstacles to achieving that elusive dream. There are however programs available to help you overcome the initial obstacles and get you into that house you've always wanted if you are willing to do the research and legwork.
Recent surveys show that nearly 35% of all the households in the United States are headed by single parents. The vast majority of those are mom-headed households. Of those led by single moms, an amazing 40% are at or below the poverty level. Even when a single mom has an income that puts her outside the poverty zone, the expense of raising a family can create financial challenges and put home ownership out of reach.
Lack of opportunity or awareness about available programs has kept many of these women from buying homes in which they can have the security to raise their families. There are a number of programs that can help a single mom realize the goal of owning a home for her family.
Begin by looking at the available programs from the government. The Department of Housing and Urban Development (HUD) can provide loan guarantees for borrowers who do not qualify through conventional loan programs. Single moms can use this program to apply for FHA assistance. Once approved, it helps them get approval for a conventional loan. The thing to remember here is that a loan guarantee can help improve the chances of getting a loan but it is not a loan.
Another option to check out is the Home Investment Partnership. This program helps out with the down payment for low-income families. You will have to meet income level guidelines to qualify for assistance but it is another option to explore.
Some individual states and even counties provide home-buying assistance for low income individuals. Check in your area to see what options are open to ฝากขายทาวน์เฮ้าส์ you. There are other organizations like churches and women's support groups that may also be able to help with donations to offset your down payment or closing costs.
First time home buyer programs offer a variety of discounts and waivers that can help a single mom get into her first home. Local area lenders can point you in the direction of these programs where you live. Parameters for qualifying vary from state to state and lender to lender so look into the programs carefully before applying.
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