- Owning your own home is possible if you find a loan program that works for your needs.house image by Cora Reed from Fotolia.com
The financial responsibility that comes with buying a home is even larger for single parents who often have to provide for their families on a single income. Owning a home brings the security and stability that you want to provide for your children. Although there are not specific home loan programs offered to single moms and dads, there are many home loan programs that help out families who otherwise may find it challenging to finance a home. - The Housing and Urban Development (HUD) program provides loan guarantees to those who may otherwise have a difficult time securing a home loan. HUD does not lend money directly, but with a loan guarantee, a single parent may apply for Federal Housing Administration (FHA) loans and may find it easier to be approved for a loan. The FHA loans are government-backed loans offered to lower-income families to borrow money for a house that their family will live in.
- The HOME program provides federal grants to low-income families to buy a home, or finance the building or reconstruction of a home. The funds may also be used for down payment on a home or deposits on a rental. To qualify for this assistance, you must fall within certain income brackets.
- This program, also offered through HUD, is available to extremely low-income families, those who are disabled and the elderly. This program typically allows families or individuals to choose a home, condo or apartment to rent, as long as it meets the safety and sanitation qualifications set by the program. This program pays the landlord a portion of the rent and the family pays the remainder of the rent. Housing Choice Vouchers can sometimes be used for purchasing a reasonably priced home instead of renting.
- Housing and Urban Development sells homes is every state. HUD homes are homes that have foreclosed because someone failed to pay their FHA loan. These homes are sold at a reduced price. Anyone can purchase a HUD home, if they can get approved for a loan, or if they have the cash upfront.
