Wagner Realty
September
19
19
Buying a House as a Single Mom
If you're a single mother, the idea of buying a house can seem like an unreachable dream. The Bureau of Labor Statistics for 2016 show that women still earn less than men. As the custodial parent, you must stretch fewer dollars to meet increasing financial obligations. Homeownership can seem unrealistic under such tight financial circumstances.
Our REALTORS® understand your concerns and we want to help. We believe that buying a house should be an attainable dream, so we've compiled a list of resources to help you reach your goal.
- The Department of Housing and Urban Development
HUD maintains a number of programs that can assist you in buying a house. The Community Development Block Grant Program, Home Investment Partnership Program, and Neighborhood Stabilization Program direct home buying assistance funds to local communities via Florida state agencies. - Florida Housing Finance Corporation
The First-Time Homebuyer Program works with approved lenders to offer a 30-year fixed-rate mortgage. As with many loan programs, when you are buying a home, you must meet income and credit guidelines.
The State Housing Initiatives Partnership (SHIP) provides funds and block grants to Florida communities for low-income families. These grants fund home rehab, down payments, homeownership counseling, and other critical services. - Habitat for Humanity Florida
Habitat for Humanity Florida has provided 17,000 new and rehabbed homes to deserving Florida residents. If you qualify as a single applicant, you must give 200 hours of your time to help build your home. You must also agree to live in a Habitat-designated neighborhood and attend homeowner classes. When your home is finished, Habitat will sell it to you with no consideration for profit. - Fannie Mae
Homepath publishes a list of Fannie Mae foreclosed properties for sale. Their First Look program gives individual buyers an opportunity to view and bid on foreclosed properties before investors have a chance to buy them. Homepath offers a three percent reduction in a Homepath property's closing costs when you complete the Ready Buyer online homeownership course. Homepath properties that qualify for the Home Ready mortgage program may be eligible for a low down payment and other benefits included in HUD's Neighborhood Stabilization Program. - FHA Loans
An FHA mortgage can minimize the problems of buying a house when you have limited cash flow or a problem credit history. The requirements are less strict than a traditional loan. The mortgage requires only a 3.5 percent down payment and it offers competitive interest rates. - USDA Loans
Under the Rural Development Home Loan Program, the USDA will guarantee 90 percent of your home loan. You must meet USDA income and credit qualifications, but the standards are less stringent than traditional loans. The home you choose must also meet eligibility guidelines for rural properties and must be your primary residence. USDA charges a monthly fee for mortgage guarantee insurance.
When your dream of owning a home seems out of reach, we can help. Contact Wagner Realty to help make your homeownership dream come true.
