Grants for Single Moms To Buy a Home
Taking on the role of single motherhood is no easy task but with access to the right resources it can be less burdensome. Whether that’s assistance with childcare, rent, or buying a home, there are programs available to help you daily.
Grants are the perfect resource when it comes to buying a home, starting a business or simply needing some extra cash on hand. Sure, it can appear easier to get a same-day loan but the interest rates can be detrimental and before you know it, your credit is taking a hit making it even harder to quality for a bank loan.
Today, I want to dive into some of the grants available for single mothers interested in purchasing a home.
THE HOMEHOPE FUND
The HomeHope Fund is a community grant that helps just about anyone achieve a downpayment for a new home. Instead of playing the lottery where the odds are about one in 300 million, The HomeHope Fund is a guaranteed payout at some point or another once you invest. If you invest once and are not the lucky winner on day 120, you can invest again, increasing your odds of becoming the winner the next time around.
All in all, you are always in a position to win the pool. Just because you don’t win the first draw, doesn’t mean you won’t win the second or third—our pool is designed to ensure that investors always receive a payout at some point or another. This is not an empty venture and it’s a great way to ensure that your money makes you money in return. Think of money as an army, it should go out and make you more of it. If spending a significant amount of your money on something does not reward you in the long-run then it is a liability. The HomeHope Fund is an asset. Join now for your chance to win.
NATIONAL HOMEBUYERS FUND
The National Homebuyers Fund offers an exceptional housing grant tailored for single mothers and low-income homebuyers. This nonprofit organization extends grants and down-payment assistance to eligible single mothers, encompassing support for closing costs and down payments, with access to funding reaching up to 5% of the mortgage amount.
To qualify for this program, applicants are required to maintain a minimum credit score of 640, maintain a debt-to-income ratio of 45% or less, and secure a conventional, FHA, VA, or USDA loan. Importantly, being a first-time homebuyer is not a prerequisite for eligibility. It's worth noting that additional qualifications may vary depending on the state.
HOUSING CHOICE VOUCHER PROGRAM
The Federal government's primary initiative for ensuring safe and affordable housing access for single mothers and low-income individuals is the Housing Choice Voucher program. This program, commonly known as Section 8, provides eligible applicants with a monthly voucher of potentially up to $2,000 to assist with rental expenses.
To qualify, individuals must be U.S. citizens or eligible non-citizens, and their household income should not surpass 50% of the median income in their respective county. While certain landlords and housing authorities may impose additional criteria, Section 8 and the Housing Choice Voucher program offer a significant reduction in monthly rental costs, benefiting single mothers and others in need.
THE CHENOA FUND
The Chenoa Fund stands as another valuable choice for single mothers seeking housing grants, providing two distinct down payment loan options to borrowers in need. This government-chartered organization specializes in offering down payment assistance for FHA loans, offering a choice between two alternatives: a 10-year repayable loan and a 30-year forgivable loan.
The repayable loan necessitates a monthly payment, featuring an interest rate 2% higher than your mortgage rate. In contrast, the forgivable loan comes with a 0% interest rate and doesn't require monthly payments. However, it is crucial to stay current on your mortgage payments.
SHELTER CARE PLUS PROGRAM
The Shelter Care Plus Program represents a rental assistance initiative funded by grants, designed to provide essential support to single mothers and individuals with low income who are at risk of homelessness. To qualify for the program, applicants must adhere to HUD's criteria for homelessness and meet specific income restrictions.
This program extends rental assistance and offers long-term housing solutions, aiming to assist single mothers facing difficulties and disabled individuals in regaining stability in their lives. Beyond securing permanent housing, the program additionally provides a comprehensive array of services to aid participants, with funding sourced from various governmental agencies.
There you have it, a few grants to help put you on the road to homeowner in as little as one year. However, if you still need more information, check out this other article on why you should never buy a townhouse. There is additional information and resources available to help educate you on where to invest your money once you have it.
by Riley Cook
