Q:

How do you find home buying grants for single moms?

A:

Quick Answer

There are no home buying grants specifically designated for single moms desiring to own a home. Home ownership programs might be available in some local communities, and you can contact your local housing authority about programs for first-time home buyers. The Department of Housing and Urban Development sells homes nationwide, and local HUD housing counselors have information regarding the purchasing process. Various local and national programs assist single mothers with purchasing a home.

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Full Answer

You can check to see if your community has an organization that helps single mothers set up Individual Development Accounts. An IDA account is one way a single parent family can save money towards the purchase of a home. Habitat for Humanity is a charitable organization that partners with low-income families to build affordable homes in selected neighborhoods. To qualify for a Habitat home, a single mom must have a steady income, good credit and a long-term savings account.

Single mothers can seek out home mortgage programs that provide good deals for individuals on a tight budget. Federal Housing Authority loans typically have low interest rates and require a lower down payment than conventional home loans. Single moms who served in the military can register with the Veterans Administration and apply for a VA loan. VA loans are fully backed by the federal government and there is no down payment.

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