1st time home buyer programs for single mothers

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• Single parent loan options
• Single parent assistance programs
• Do single mothers get baby bonus?
• Can single parents buy HDB?
• Can a single mom buy a house in California?
• How can a single mom be successful?

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May 14, 2022

There’s a type of common question about FHA home loans that involves whether there’s any special help for certain types of FHA loan applicants such as single parents. Is there any assistance for these borrowers who may need down payment help or lower mortgage payments?

The FHA official site (www.fha.gov) addresses this issue and says, yes help IS available, however it does not come from the FHA. Instead such assistance would be administered by a local agency, charity or service.

According to FHA.gov, “There is help available. Start by becoming familiar with the home buying process and pick a good real estate broker.” Sound advice for a single parent who may not have as much time to house hunt or do research on properties that would be suitable for his or her needs.

The FHA official site points out that while single parents won’t have the advantage of two incomes when it’s time to financially qualify for an FHA mortgage, getting pre-qualified for an FHA loan can help you know what your borrowing power might be so you can begin house hunting in the right range of prices--or have your real estate broker do the searching for you.

The FHA says help is available, but since the assistance for single parents who want to buy a home with an FHA loan does not come from the FHA/HUD directly, how can the FHA as an agency help a borrower who needs home buying assistance?

According to FHA.gov, “Contact one of the HUD-funded housing counseling agencies in your area to talk through other options for help that might be available to you. Research buying a HUD home, as they can be very good deals. Also, contact your local government to see if there are any local home buying programs that could help you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can’t find it, contact your mayor’s office or your county executive’s office.”

A state or local home buying assistance program may be able to help you get into a home loan or at least offer advice on resources, budgeting, and preparing for the loan. If you need a referral to a HUD-approved housing counselor near you, contact the FHA/HUD directly by calling 1-800 CALL FHA.

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It’s rough out there for single parents trying to raise their children and pay the bills. Add buying a home on top of all of it seems like an impossible feat. Many believe that it takes two incomes to finance a home. While this is not true, it certainly makes it easier to purchase a property. However, there are loan and assistance programs available for single parents. You just need to know where to look.

In many states, there are programs or subsidies that can assist single parents that fall under certain homebuyer categories. Though they don't have "single parents" in their name, they do include incredible benefits for this particular homebuyer. You can find these benefits marketed under first-time homebuyers, low-income buyers, and rural area homebuyers categories.

Another factor is location. It all comes down to what your state, county, city, or even local neighborhood has to offer. Make sure to keep this in mind when you’re home buying.

If you’re planning on getting a house for you and your kid (or kids), make sure to consider the following home loan and assistance programs for single parents.

Single parent loan options

The mortgage options below are commonly provided by most lenders.

FHA loans

Federal Housing Administration (FHA) loans are government-insured and relatively easy to qualify for. They’re especially popular among first-time homebuyers — single or not. Some key benefits include a low down payment of 3.5%, flexible credit score requirements, and low monthly mortgage insurance. In addition, down payments can come from your savings or gifted money from a family member, up to 100%. The FHA program is excellent for single-parent families.

If you divorce your current spouse or become a displaced homemaker in any way, you could be a first-time homebuyer in the FHA's eyes again. To be eligible for this benefit, the only primary residence you have ever owned must be with your former spouse.

VA loans

Single service members, veterans, or surviving spouses could be eligible for Veteran Affairs (VA) loans. VA loans offer a variety of money-saving benefits and services that attract many borrowers. For qualified borrowers, you can expect no down payment, no mortgage insurance, low-interest rates, and more. The VA can even help struggling borrowers in the event of foreclosure. There are also additional benefits available to service members that experienced a work-related disability. VA loans make homeownership more affordable for single moms and dads.

USDA loans

The United States Department of Agriculture (USDA) offers a variety of loans to help low- to moderate-income homebuyers in rural areas. But “rural” can be a loose term because many of the programs are offered in regions surrounding metropolitan cities. Many of these USDA loans have very low interest rates and don’t require a down payment. Borrowers can get 100% financing, and the mortgage insurance premium is lower than that of FHA typically. USDA loans do have maximum levels of income, but most single parents usually fall below income limits since they do not have a dual income.

What to know: Buying a house with a friend

Single parent assistance programs

One of the best resources for homebuyers is the U.S. Department of Housing and Urban Development (HUD). Your local HUD office has resources and housing counselors that can help single parents find housing options. A housing counselor can answer your questions about the home-buying process, obtaining a home loan, and more. He or she may also be able to tell you about local home buying programs, including some lesser-known programs that you might not otherwise hear about. Try finding a HUD-sponsored housing counselor near you.

HUD also offers a variety of programs to assist individuals to obtain homeownership or rent subsidies for decent housing. Assistance like the Housing Choice Voucher (HCV) homeownership program. It allows families that are supported under the HCV program to use their voucher to buy a home and receive monthly assistance in meeting homeownership expenses. To participate, you need to meet specific requirements that range from employment to income so do your homework when researching any program.

Turn your homeownership dreams into reality. There are several single parent home buying programs and assistance available to help you. Whether you’re trying to find affordable housing or qualify for a mortgage, you have options.

Do single mothers get baby bonus?

Can single parents buy HDB?

Can a single mom buy a house in California?

How can a single mom be successful?