A variety of grants and financial assistance programs are available to home buyers. Single mothers are eligible applicants in many circumstances, although programs are rarely designed exclusively to benefit single mothers. Grants and funding are coordinated and provided to qualified home buyers through federal agencies as well as regional agencies.
HUD is widely considered the primary and most practical source of financial assistance for select qualified home buyers, many of which are single mothers. HUD helps public housing residents convert their rent payments into mortgage payments, effectively assisting them in becoming homeowners. A Public Housing Authority, as defined and operated through HUD, sells homes located within a public housing development to eligible residents, creating homeowners.
HUD special home-buying programs include Good Neighbor Next Door, in which individuals employed in professions such as law enforcement, fire fighting and education are offered home-buying financial incentives and benefits. HUD additionally offers financial assistance to potential homeowners displaced by natural disasters such as hurricanes. Financial assistance is also offered to qualified individuals with low income or financial challenges. Block grants are offered by HUD and distributed to individuals through many city and county governments, enabling people to use federal funds allocated for improving neighbourhoods and quality of life.
The Federal Housing Administration (FHA), a division of HUD, provides assistance with home loans, enabling recipients to secure desirable loan terms such as low interest rates and low down payments. FHA loans are often sought by low-income and first time homebuyers.
Regional agencies throughout the U.S. assist single mothers in purchasing homes. Rural Opportunities Inc. of Middletown, New York, provides resources to qualified potential homeowners. Education, guidance and cash grants are offered through Rural Opportunities' Regional Economic Community Action Program.
The Women's Mortgage Industry Network, an organisation of female mortgage executives, helps single mothers in greater Washington, D.C., become homeowners. The organisation conducts educational campaigns to help single mothers purchase their own homes in addition to assisting them in securing low-down-payment loans, closing cost help and other available assistance.
Finding More Information
Local city and county governments are good points of reference for finding out about available home-buying grant programs for which single mothers are eligible. HUD offices are located in counties throughout the nation and should be contacted for current information on grants, cash incentives and educational resources. HUD offices direct individuals to local agencies and governments that coordinate the distribution of HUD funds to qualified residents.