Single Parent Programs

Being a single mom can be a very difficult and trying experience.  Then adding on top of it that you also want to be a first time home buyer can make everything even more stressful.  Things seem sometimes harder than they really are.  There are programs out there for a single mom first time homebuyer.

The Federal Housing Association (FHA) has some programs that they have established for people in need of help when buying their first house.  The FHA First Time Home Buyer Program doesn’t insist on a certain credit score range nor do they require a history of your prior housing arraignments.  3.5% is required for down payment and a co-signer is allowed, and the co-signer does not have to reside in the property with you.  The greatest part of all of this is that the payments will be low and they a guaranteed to be consistent every month.  Please visit http://www.hud.gov to gather more information.

Ameridream is a charitable organization that helps out single parents as first time home buyers.  They do this by helping you out with your down payment when you might not have been able to come up with it otherwise.  Currently, they are establishing developments for low income but, tasteful housing.  Please visit http://www.ameridream.org for more.

Fannie Mae can be an option if you have a good credit score and money for a down payment on your own.  They offer some foreclosed homes for a great price.  This is a good chance to get into a property that you might not otherwise could have a home loan you could have afforded and will be a good investment for the future.  It might seem a little troublesome to take advantage of someone else’s bad luck but, as a single mother or single father trying to be a first time homebuyer you can use any sort of financial help and assistance that you can get.  A foreclosed home could end up being your dream home.  Go to http://www.fanniemae.com.

Finally, if you are looking to buy a home right now, there hasn’t been a better time!  The federal government has passed a First Time Home Buyer Tax Credit that will allow up to $8000 per household.  The benefits of this are tremendous.  You can get up to 10% of the purchase price with a max of $8000.  This is a great deal and if you can take advantage of this then I suggest you should!

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