Single Parent Home Grants
For a single parent, the dream of owning their own home is one that is often forgotten. In many cases a single parent can barely make ends meet while renting, and they do not even consider the possibility that they might actually be able to get financed for a home of their own. Luckily, there are many home grants for single parents that are making it possible for one parent households to move into a house of their own, and save money by lowering their monthly payments. Below you will find all of the information you need on how to obtain single parent mortgages with the use of grants.
Government Program Grants
One of the first places that a single parent may look when searching for single parent home grants, is the federal government. There are millions of dollars each year which are allocated to helping low income families get financed for home loans. This money is either distributed through grants directly to the individuals or through local agencies which find suitable grant candidates.
To qualify for these funds, a single parent must have an income that falls below a certain range, and many times must attend counseling sessions on home ownership. There is a long list of paperwork that must be filled out, and certain documents that provide proof of income and other criteria must be submitted as well.
Each state has various location specific programs, and there are federal nationwide programs available as well. In order to see what help is offered in your area, it is best to check with the local builders’ association or your bank. These organizations will be able to guide you in the application process.
What Can These Home Grants for Single Parents Provide?
Before undergoing the lengthy process of applying for the various grants in order to obtain single parent mortgages, it may be best to understand what exactly these grants can do for you.
Perhaps the most common type of grant is the one that provides down payment assistance for the purchaser. These grants can be given without having to be paid back, but others will require the borrower to pay back the funds when the house is sold, paid off, or otherwise unoccupied by the owner. These funds can provide you with ten to twenty thousand dollars towards the down payment on a home.
Other types of single parent home grants can automatically pay a certain percentage of the home loan off. These grants are rarer, and can be very difficult to apply for and receive. Others will help you with repair costs on a rehab home purchase, or can even help you qualify for a loan with a low interest rate.
Home grants for single parents exist in order to allow one parent households to own their own homes. This can often lower the amount that a family must pay each month in living expenses, and can take a great financial burden off of a single parent’s shoulders. The information above can provide you with what you need to begin finding and applying for single parent home grants today.