Home Buying Programs that Help Single Parents Buy a Home
If you are a single parent who dreams of owning your own home someday, but think it would be impossible you might want to reconsider. Buying a home on one income is a challenge, but not an impossibility. So don't give up. Here is some tips and information on home buying programs that help single parents buy a home.
For single parents or one-income families looking to buy a home, one of the first steps you will want to take is to find out what specific homeownership programs may be available to you right in your own state. To do this, contact your local housing authority. You can find your state's local housing authority Web site by visiting the Public Housing Authorities Director's Association.
Another thing you will want to do is to meet with a housing counselor funded by the U.S. Department of Housing and Urban Development (HUD). A housing counselor will be able to answer any questions you have about the home-buying process, obtaining a mortgage, etc. The housing counselor may also be able to provide you with further information concerning various homebuying programs in your area. Click here to find a HUD housing counselor.
When it comes to purchasing the home, you may want to consider buying a home through HUD. HUD sells properties in every state and you can search online for properties in your area. Click here to learn more about HUD properties.
You may also want to apply for a Habitat for Humanity house. Habitat works specifically with low and very low-income families typically earning approximately $15,000–30,000 per year. Habitat for Humanity uses a set of three criteria to select homeowners:
1. The need of the individual applying for the home
2. The individual's ability to repay the interest-free loan
3. The individual's willingness to partner with Habitat
To apply, contact the Habitat for Humanity affiliate serving your area.
Another option available to single parents or one-income families looking to own a home is to buy a home using an Individual Development Account (IDA). An Individual Development Account is a matched savings account. The match incentive is similar to an employer match for 401(k) contributions and is provided through a variety of government and private sector sources. The IDA is usually set up by a community organization for the purpose of helping low-to-mid income families save money toward the purchase of a home, education costs, or starting a small business. To find out which organizations in your area offer IDAs visit the Corporation for Economic Development Web site.
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