Down payment assistance, grants and more!
There are many programs offering financial assistance for low income families who are about to buy a home. Single mothers who contemplate becoming a homeowner can make use of such assistance to make their dream of buying a home a reality. There are both federal and state programs which are available for this purpose. Many of those assist the first-time home buyers while others assist all qualifying low income households.
The foremost source of all information pertaining to homebuying programs is the official HUD web site. As an alternative, if you want to talk with an expert in person as to know what kind of programs you could be eligible and apply for, we suggest you get help from a Housing Counselor. As HUD sponsors the participating housing counseling agencies, you may be able to get either free or a low-cost service. This will help you get the exact information on available programs in your state without the need for hours of research. Here is the contact list of housing counseling agencies:link
Local Programs for home buying:
As stated earlier, looking for programs that are sponsored by the local and state government is as important as getting information on federal programs. To search for such assistance in your specific state, make use of the easy tool here at HUD:local homebuying programs
Housing Choice Voucher Homeownership Program:
Housing choice voucher program is one of the many popular programs that assist the needy low income families. Often referred to as the section 8, this particular program aims to help those who are not able to afford the rent. While section 8 is well known, not many might be aware of the Housing Choice Voucher Homeownership Program.
As opposed to helping families with rent, this program aims to help families become homeowners by offering financial help with the homeownership expenses. Note that if you are already receiving rental assistance through the section 8, you could switch to homeownership program if your local housing agency offers it and is accepting applications. Since not all housing agencies offer help residents in their locality with homeownership, readers are suggested to contact their local PHAs to know about program availability and requirements.
For people who are looking to get financial help with paying the monthly mortgage, the Homeownership Voucher Program would be the answer. Families with one or more household members working full-time and meet the income requirements will be eligible to apply for the voucher. Keep in mind that this is only open to the First-time homeowners. For more information on the same, refer to this page:voucher program
Looking for low down payments?:
The requirement of making a down payment could be a tall order for many families. Fortunately, there are down payment assistance programs for single moms and also the availability of the FHA loans. It has to be noted that FHA does not provide the loan but rather insures it thereby instigating the lender to offer the mortgage to you. No doubt the government-insured FHA loans are much easier to obtain compared to the non-FHA loans. Apart from the easy mortgage approval, the closing costs and down payment would also be lower in the case of a FHA loan. For wannabe homeowners having a bad credit score, these loans have helped a great deal over the years.