Home Buying Help for Single Moms

Every year, thousands of single moms become homeowners. Buying a home can be complex but it’s far from impossible.

With a positive attitude and the right information, you can accomplish it. 

Funding Options for Single Mothers

There are great resources available to make the home-buying process easier for single parents. Some of the best of these are specialized grant and loan programs.

These programs offer flexible financing at favorable rates. Plus, they are usually designed to be simple. You won’t have to spend hours combing through details to be sure you’ve gotten it all right.

Let’s consider some possibilities:

• Habitat for Humanity
  Although not a traditional mortgage funding option, Habitat for Humanity facilitates the journey to homeownership in a unique way. By providing training and assistance for related expenses, the organization supports aspiring homeowners in building their own home. Applicants must meet certain conditions and have at least 400 volunteer hours in the organization.
  
  
• USDA Rural Development
  The United States Department of Agriculture coordinates with lenders to ensure easier access to mortgage loans for those living in rural areas. Applicants are typically individuals with limited income who are house-hunting in a designated rural zone. Applicants must usually be purchasing their first home and must intend to use the property as their full-time residence.
  
  
• Federal Housing Administration
  FHA is a division of the Department of Housing and Urban Development. Like USDA, it works with lenders to set guidelines for financing first-time home buyers with limited income. The loans are then administered directly by the banks and other institutions. Because the government works to guarantee these loans, lenders can offer them at reduced risk.
  
  
• Other Nonprofit Organizations
  New housing rules adopted by the federal government in 2008 changed the ways that community nonprofits can contribute to down payment assistance, reducing activity. However, there may be nonprofits in your area that furnish grants or other support. A site like the GuideStar Directory of Nonprofits can help you make contact.

Things All Moms Should Know About Pursuing Homeownership Goals

The more information you have as you set out on your homeownership adventure, the better. Keep these tips in mind so you can make informed decisions about your housing options.

• You May Qualify as a First-Time Buyer Even If You’ve Had a House Before
  Many single mothers may have been in a long-term relationship with a partner who owned a home. Unless you were involved in purchasing and financing the home, however, you probably qualify as a “first-time” homebuyer – which means access to many helpful programs.
  
  
• Information is Available from a Common Consumer Education Program
  The Fannie Mae HomeReady program has a slew of resources for first-time buyers with limited income or plans to buy property in a low-income area. In addition to flexible loan underwriting, it prepares you with detailed information on all aspects of home buying and homeownership.
  
  
• Your Real Estate Expert is Your Best Ally
  Once you have a clear idea what your funding sources look like, the best next step is to reach out to a real estate agent you trust. Local real estate agents can provide expert guidance tailored to your situation. They typically know which programs and lenders may be right for you.

Homeownership doesn’t have to stay just a dream. By following these tips, single mothers can make the switch and find the perfect home for them.

• Storage Solutions for Homes Without Large Closets
• Planning a Backyard Space for Entertaining
• Easy Ways to Reduce Household Noise Between Rooms
• How to Create a Functional Mudroom in Any Home
• Simple Upgrades That Make Your Home More Energy Efficient
• Smart Ways to Improve Indoor Air Quality at Home
• Spring Décor Updates to Brighten Your Home
• Simple Daily Habits to Maintain a Cleaner Home
• Don't Let Winter Win: How to Freeze-Proof Your Garage
• How to Extend the Life of Your Water Heater

• Winterproofing Windows and Doors: A Guide to Keeping the Cold Out
• How to Future-Proof Your Home for Changing Needs

• What Happens Between Offer Acceptance and Closing
• What First-Time Buyers Should Know About Property Surveys
• How to Spot Renovations Done Without Permits
• What to Know About Homeowners Associations Before You Buy
• Touring Homes With a Critical Eye: What Buyers Often Miss
• How to Evaluate a Neighborhood During Different Times of Day
• The Best Home Styles for Enjoying Spring Weather
• What to Do the First Week in Your New Home
• What to Know About Using Gifted Funds for a Down Payment
• What to Know About Using Gifted Funds for a Down Payment

• How to Research Crime and Safety
• What Buyers Need to Know About Home Warranties

• How to Prepare Your Home for Last-Minute Showings
• When a Price Reduction Can Help Restart Buyer Interest
• How Professional Photography Impacts Online Listing Views
• The Hidden Costs Sellers Should Plan For
• What Sellers Should Know About Appraisal Gaps
• How to Prepare Your Home for a Competitive Offer Situation
• Packing Tips for Sellers: Preparing for a Spring Move
• What to Store, Donate, or Toss Before Listing
• What Buyers Notice First in Listing Photos
• How Spring Sellers Can Enter The Market With Confidence

• Tax Considerations Home Sellers Should Know About
• The One-Room-at-a-Time Spring Prep Strategy