Check out the latest updates about first time home buyer grants for single mothers online to get a new home at no cost
Single mothers need a hygienic, safe and decent shelter for her family but purchasing a house with the inadequate income levels and insufficient savings can be a daunting job. 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, state, nonprofits and accredited agencies offer help with the expenses of buying homes for the first time and with down payment, mortgages, interest rates, discounts and loans associated with purchasing. Single mothers can now accomplish their dream of owning homes even with their limited budget and income.
Purchasing a home for the first time involves making lot of decisions and managing funds prudently. It includes two eligibility criteria:
- The income of the mother needs to be within the stated limits
- The mother must not have any homeownership in the past three years
Here are some of the first time home buyer grants assistance programs that mothers can seek to purchase their dream home
Fannie Mae is a government sponsored enterprise that offers first time home buyer grants to single mothers with financial crisis. The organization sells a large number of foreclosed homes which can be available for people with good credit scores. Moreover, it offers easy credit evaluations and smaller down payments.
Habitat for Humanity
Habitat for Humanity is a non-profit and non-governmental international organization that works for building homes for the eligible low income families. Habitat offices are all community-level which build homes and communities using voluntary labor and sell houses at no-profit. Habitat is the largest non-for-profit community builder in the world.
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Federal Housing Association (FHA) Loans
The Federal Housing Association (FHA) offers various programs that can aid single moms to purchase homes. FHA loans do not require rental history and can be offered to single moms 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 credit union or bank. Single moms can get benefits like lower closing costs, lower down payments and easy credit approval.
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Section 8 Housing Choice Voucher Program
It offers housing assistance to single mothers to purchase single family houses, apartment or townhouse and reside in privately owned houses or in complexes. Mothers can now reside with their families in safe, hygienic and decent houses that must meet the set quality, health and safety standards of HUD. The landlord is paid the major portion of the rent by the Housing Authority every month and the rest is compensated by the applicants. Contact your local Public Housing Agency for the assistance.
AmeriDream Inc. provides assistance to many low income single mothers in purchasing homes. The Down Payment Assistance program helps by providing the required down payments. The grant is also considered as a financial gift and doesn’t require re-payment. This charitable organization also provides services like Home Retention Program that offers foreclosure prevention and counseling to people who are going through various hardships such as unemployment, sickness or divorce.
In addition, single mothers can avail government subsidized housing homes, public housing program and support from state, local, community agencies and non-profits to fulfill their dream of purchasing a home within affordable range.
Visit – http://homepropertygrants.com/
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