Help Buying a Home for Single Mothers
For single mothers, the reality of raising children can be financially demanding, particularly without the financial assistance of fathers. For those with limited incomes, the American dream of owning a home may seem impossible. However, through various associations, government programs and nonprofit organizations, single mothers can receive their slice of the American dream, whether they're well off or not so well off economically.
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Types of Help
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From government programs such as those sponsored by the Department of Housing and Urban Development and the Federal Housing Administration to organizational programs such as those by AmeriDream and the HOME program, single mothers may receive loan assistance for down payments and low monthly mortgage payments. Low-income single mothers may benefit most from these types of programs.
Additional Help
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Nonprofit organizations are one option through which single mothers may purchase homes. Typically, nonprofit organizations provide homes where there's a need more than a desire. For example, single mothers living in dangerous environments may reach out to Mercy Housing, whose mission is to provide safe and quality housing to those who lack the necessary funds to purchase a new home on their own. Catholic Charities is also instrumental in helping single mothers purchase homes. States such as North Carolina, New Jersey and California are just a few of the states that offer first-time homebuyer assistance programs that can help single mothers obtain down payment and mortgage loans, along with homebuyer grants. Eligibility requirements may include a satisfactory credit history along with verifiable income and, in certain cases, money saved toward a down payment.
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Educational Needs
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Single mothers may be financially capable of owning a home but lack the education and information necessary to purchase a home. A number of mortgage lenders offer educational programs, as do a number of colleges and universities. These programs provide education on how to buy a home. Buyer's agents may also provide comprehensive help and walk single mothers through the entire process of buying a home, from searching for homes, applying for loans, making down payments and getting homeowner's insurance.
Building Homes
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Since 1976, Habitat for Humanity has been building homes for the impoverished. Single mothers in need of quality, affordable housing may apply via the organization's website at Habitat.org. Qualifications include verifiable income, good credit, U.S. citizenship and a savings account. Rather than buying existing homes, single mothers may have a home built by Habitat for Humanity.
Professional athletes are also increasingly starting programs to assist single mothers in buying homes. Philadelphia Eagles cornerback Asante Samuel's Bring It Home Single Moms Foundation works in conjunction with Habitat for Humanity of greater Miami to build homes for single mothers. Retired NFL player Warrick Dunn's Warrick Dunn Family Foundation has provided homes to single mothers through its Homes for the Holidays program. The program works with Habitat for Humanity in the following cities: Tampa, Tallahassee, Baton Rouge and Atlanta.
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