Down Payment Assistance for Single Mothers

When it comes to purchasing a home or trailer you typically need to have a large payment to put down. That down payment amount varies, depending on your circumstances. It may be difficult for some people to come up with the down payment to purchase a home or trailer, even though they afford the monthly mortgage payments. The good news is that there are programs that help with down payment assistance for single mothers.

Knowing where to go to get help with down payment assistance can make a huge difference. It can be the difference between being approved to make the purchase and being turned down. It can take years to try and save up enough money for a down payment, so it’s a good idea to look into the various programs that can help with this matter.

The standard amount that people need for a down payment when buying a house or trailer is 20% of the purchase price. Therefore, if you are buying a property that is $200,000, you would need to have $40,000 as a down payment. That is a large amount of money for single mothers to come up with, which could make purchasing a home a challenge. Taking advantage of one of these programs below can help you be able to buy a home or trailer.

Down Payment Assistance for Single Mothers

Housing and Urban Development (HUD) – The best resource to turn to for help with housing needs is HUD. This is a federal agency that has a mission of helping people with housing issues. They will help people pay for their rent, avoid foreclosures, make necessary repairs, and more. They have programs that single mothers and others with a low income can use in order to get help with down payment assistance and be able to purchase a home. To qualify for their programs you have to have a low income and be a citizen or legal non-citizen. To get more information, contact the HUD office in your state. To find your state’s HUD office, click here.

Federal Housing Administration (FHA) – This is a federal program that aims to help people be able to purchase homes. Since 1934, this program has helped many people be able to purchase a home. If you are approved for an FHA loan, then your down payment amount is much lower than the traditional 20% required. FHA loans usually require only a 3.5% down payment. The program keeps the down payment low, the closing costs low, and has easy credit qualifying. To get more information about FHA loans, click here.

United States Department of Agriculture (USDA) – Single mothers who are interested in living in rural areas may want to consider the rural development program through the USDA. The rural development program helps people who have a low income be able to buy or build a home in a rural area. To qualify, you have to have a low income and be a citizen or legal non-citizen. The program gives some people grants and some people low interest loans, depending on your unique circumstances. To get more information about the rural development program through the USDA, click here.

Space Coast Credit Union – This lending institution offers no down payment home loans. They have an approval process where you have to meet the qualifications for the program, but they know that most people who need a no down payment home loan are the ones who may be struggling financially. As long as you can afford the monthly home mortgage payment then you may be able to get a loan that does not require a down payment at all. Check with the credit union to see if you qualify for a no down payment home loan. To get more information, click here.

 Florida Credit Union – This is another credit union that offers options for those who cannot afford the traditional 20% down payment. They provide loans to those who need to put less money down to buy a home. They cater to first-time homebuyers and understand that struggle that it may take in order to make the first home purchase. They try to make it easier for people. To get more information about their mortgage loan program, click here.

Bank of America – This is one of the largest banks in the country, and they offer help with purchasing a home. If you need help with a down payment or need alternative options so that you can purchase a home or trailer, you will want to consider the programs they offer. They have a down payment grant, which give those who qualify $10,000 toward their down payment, they have a home grant, which helps with $7,500 in closing costs, and they have a down payment plan of only 3% for those who qualify. All of these programs help make it easier for single moms to purchase a home. To get more information or apply, click here.

Zillow Home Loans – Many people are familiar with the Zillow name, because they find homes for sale on their website. But they also offer home loans and they have numerous programs to help people who need help down payment assistance. Single mothers who have a low income may qualify for one of their loan programs. They have loans that require low down payments. They also offer VA loans, which require no money down, and they offer FHA loans, which are for first time buyers and only require a 3.5% down payment. To review the options or apply for a Zillow Home Loan, click here.

In addition to these options, check with local lenders. You may have credit unions and banks in your area that lend locally, and they will have programs in place to provide assistance with the down payment. If you are a single mother who is also a veteran, you should be able to get a VA loan from a bank, which does not usually require a down payment. Consider all your options to find the best fit.

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