Single mothers can encounter additional struggles in qualifying for loans because they don't have dual incomes. This can make the process of seeking and securing loans challenging. But there are many loan programs that cater to single mothers, including options for first-time homebuyers.
Instructions
1. Look into the Housing and Urban Development Program. This program provides opportunities for families that would not normally qualify for conventional lending. The loan is backed by a promise from the government, which guarantees to pay part of the loan in the case of default.
2. Check your qualifications for the Housing Choice Vouchers Program. Single mothers can qualify for this program if they fall into a lower income bracket. The Housing Choice Vouchers Program provides vouchers to assist in making mortgage payments. This program is managed by individual states; contact your state to ask about the program.
3. Contact the Housing Finance Agency. It administers the HOME program, which provides down-payment assistance to those with lower incomes. Saving for a down payment can be a huge obstacle to all families, including ones headed by single moms. Check with the Housing Finance Agency to see if you quality. This program is controlled by each state on an individual basis, so you'll need to check with yours.
4. Look for state-specific programs. Many states offer-down payment assistance to first-time homebuyers. Contact your state office for programs particular to your state.
5. Consult with credit unions and local banks to learn about special programs for first-time homebuyers. Many offer unique options to families that wouldn't normally qualify for a conventional loan.
