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First Time Home Buyer Programs For Single Mothers
Life as a single mother can be difficult, especially when you are considering your first home purchase. You know you need more room and a permanent place for your children to come home to - but you also know your bank account is looking a little thin. How do you make that dream of a home come true? The first-time home buy programs can help.
FHA Loans. The Federal Housing Association has programs set up for those who need help buying their first home. The FHA First Time Home Buyers Program does not require a certain credit score, nor do they require a rental or housing history for the application. Only a 3.5 percent down payment is required, and you can even have someone co-sign the loan with you, even if they are not living on the property. Best of all, your payments are low and guaranteed to stay the same every month. Visit http://www.hud.gov to learn more.
Ameridream. Don't think you can afford that down payment? Ameridream can help you with that. Ameridream is a charitable organization that allows low income families to purchase a home by helping them with the down payment. They are also currently creating communities of affordable but classy housing, which might be an option if you live in one of Ameridream's construction areas. Visit http://www.ameridream.org for more information.
Fannie Mae. If you have a good credit score and money for a down payment, Fannie Mae offers a large number of foreclosed homes for sale. You can get a great steal on a home that might be well out of your price range if the circumstances were any different! Though it sometimes feels strange to cash in on someone else's misfortune, keep in mind that as a single mother, you need to look for a bargain - the more money you have left over after the mortgage is paid, the more money you have to give your children the things they need. Foreclosed homes might make your dream come true. For more information, visit http://www.fanniemae.com.
Don't Forget Your Tax Credit! If you are prepared to purchase a home right now, it's a fantastic time to do so. The government recently passed a Tax Credit in the United States, one that allows for up to $8000 dollars per household. That's a huge benefit! The tax credit is for first-time home buyers only, and you will receive up to 10% of the purchase price of the house, with a maximum of $8000 dollars in credit. It's an unprecedented financial incentive, so if you can take advantage of it, now is the time!
