Parenting is without doubt a huge responsibility. Single mothers have the added responsibility of providing a sense of normalcy to the children in addition to ensuring their living expenses are taken care of. The effects of a sluggish economy are making it difficult for many parents to provide decent homes and livelihoods to their children. Mortgages and interest rates are at an all time high, good jobs are hard to find and the cost of living keeps rising. It can all be overwhelming for single mothers. However, several agencies provide grants for single mothers to buy a house.
So where can single mothers find grants to buy a house?
The government provides Federal Housing Association loans that allow single mothers to buy homes with a low down payment of only 3.5 percent on 96.5 percent loan. These loans have lower closing costs and allow easy credit approval. In addition, single mothers buying their first home do not require credit score or rental history for loan approval.
Charitable organizations like AmeriDream Inc also provide grants for single mothers to buy homes. The organization assists single mothers with low to moderate income to buy homes which they can afford by giving them grants to pay for a down payment. The beneficiaries are not required to repay the money. The organization also provide other services like the Retention Program that enables struggling families to retain their homes during difficult times like job loss, divorce and illness.
Single mothers can also seek assistance from their local branch of Habitat for Humanity. The organization approves grants based on an applicant’s income and financial need and builds homes for needy families. To be eligible for a grant, single mothers need to provide proof of single parenthood, income, tax forms as well as debt ratio and other expenses. Staff at the branch offices advice mums on the application process. Single mothers should also visit various government websites to find out about other forms of financial assistance for which they qualify.
You can read more information on housing assistance for single mothers at the link.