It almost goes without saying that taking care of a family on one person’s income can be burdensome. For this reason, single mothers may feel tempted to just focus on paying the bills each month.
Single mothers don’t need to reduce their dreams to merely consisting of short-term goals. This is particularly true when it comes to owning a family home.
Various special interest home incentives for single mothers will help make the dream of an affordable home a reality.
FHA loans are a great resource for moms looking for a good interest rate on a home purchase. With only a 3.5% down payment, moms receive a 96.5% mortgage loan. FHA loan terms offer several advantages, including:Lowered Closing CostsEasy Approval for CreditSmaller Down Payments
Single mothers who live in rural areas should also consider Rural Housing Direct loans. These loans are 100% financing loans funded by the government. All homes will be in rural areas, and loan terms will typically be 33 years. As such, these loans are ideally suited for moms who don’t plan on moving from their family home.
Applicants will need to have a low income (typically 50 to 80 percent of the median income in the area) and must be unable to obtain credit elsewhere. While this program is not an outright grant, it is an extremely generous loan that makes the dream of homeownership a reality for low-income moms living in rural areas.
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