These assistance programs are offered by a variety of state and federal government departments, as well as some non-profit and community organizations. Many of them will provide both financial and educational assistance as you move through the homebuying process. Learn more about homebuying programs available to help single parents. These programs can offer a variety of help, including:
Loans that require a down payment of less than 10%Grants to cover closing costs or help with a down paymentTax credits based on your mortgage
Many of these programs are income-restricted or require you to use approved lenders, as well as being targeted toward single parents, so read the fine print to see if you can qualify. They may also require you to attend homeowner education classes in exchange for assistance. To do this, visit the website of your state’s local housing authority, which you can find through the Public Housing Authorities Director’s Association. A HUD housing counselor can answer your questions about the home-buying process, obtaining a mortgage, and more. They may also be able to tell you about various homebuying programs in your area, including some lesser-known programs that you might not hear about otherwise. Many of these programs provide both financial assistance and education as you begin the homebuying process. HUD properties may be offered in a variety of neighborhoods within a city or geographic area, and not all of these neighborhoods may be the right fit for you and your family. Do your homework and get to know the area before you invest. During the selection process, Habitat for Humanity considers:
The need of the individual applying for the homeThe individual’s willingness to partner with HabitatThe individual’s ability to repay the interest-free loan
Single parents who wish to participate should expect to be very involved in the home-building process. That means getting out your hammer and tool belt and getting down to business, but don’t let that scare you: Habitat for Humanity also provides training. The opportunity to work on a home that is being built just for you will only make the investment more meaningful. To apply for consideration, you can apply on the Habitat for Humanity website. In some cases, organizations that offer IDAs will match your savings, dollar for dollar. You can find out which organizations in your area offer IDAs through the Prosperity Now website. Be sure to pay attention to the fine print, though, as there may be restrictions on how much you must save, where you purchase a home, or when.
