Are there any specific mortgage assistance programs for single mothers in the United States? As you know, many of the single moms are forced to get a job while taking care of their children at the same time. With recent economy, things look grim indeed. One of the biggest spendings for the single moms is for the housing. Some rent their place while other has some mortgage payments that should be paid every month. This is especially challenging for single moms with low income.
However, that doesn’t always have to be the case. There are some government programs that may be able to accommodate mortgage assistance. We are here to give you some information that you can use. Just as you may have expected, the assistance is usually available for those in need, first-time home-buyers, and rural area home buyers. Therefore, single moms with low income may be eligible.
Some may search for grant money, which is understandable because the grant is a free money that you don’t have to repay. However, getting housing assistance in the form of a grant (especially in cash) is next to impossible. The typical assistance programs provided are subsidized housing vouchers.
Some Options of Mortgage Assistance Programs for Single Mothers
United States Department of Agriculture’s Mortgage Assistance Programs
If you are a single mom living in a rural area that is struggling to pay your monthly mortgage payment due to low income; you may be eligible for the subsidized loan from the United States Department of Agriculture’s Single-Family Housing assistance program. Typically you need a reasonably good credit history and you are able to make a portion of the mortgage payments. The eligibility is determined by the income of the family, and there are many single moms that are qualified for the program.
You can also ask for the USDA Rural Housing Direct Loans, which is a long-term, low-interest loan available for low-income family in rural areas. Note that your preferred house should be in an approved rural area. The money from this loan can be used for purchasing a new house, or even constructing the home in those approved rural areas. Single moms whose income is around 50% to 80% of the average median income can have up to 33 years of payment term; while single moms whose income is less than 50% of the average median income can have up to 38 years of payment term.
United States Department of Housing and Urban Development (HUD)
The U.S. Department of Housing and Urban Development is also a prominent place to find mortgage assistance. Typically they provide assistance for the disabled, seniors and low-income individuals. Most of the programs offered by the HUD are rental assistance, meaning that they will help eligible individuals, including single moms, to find a cheap place to rent. There’s a program that may be able to help you with your mortgage, which is named the Homeownership Voucher Program that allows the receiver to buy public housing units and developments.
Getting mortgage assistance for single moms is possible, although it requires some degree of patience. For Muslim, avoid loan with interest, it’s haram or forbidden.
- Homeownership Vouchers
- Single Family Housing Guaranteed Loan Program
- Single Family Housing Direct Home Loans
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