There is a lot to consider when buying a home – you’re starting to see the complicated picture. Besides traditional loans, there are also some additional options that might be appealing to you and your unique situation. If this is your first home purchase, here are some additional options and resources you should look into:
The Midwest may be the best place for single and unmarried women to buy a new home, followed by Texas and upstate New York.
Buying a home as a single parent can be an expensive undertaking but know there are assistance programs that can help you with the dream of homeownership. Take a look through these resources and do some investigation to see if you qualify for assistance.
Your Local Housing Authority. Before you look for national home-buying programs, find out what specific homeownership programs may be available to you right in your own state. To do this, you need to visit the website of your state's local housing authority, which you can find through the Public Housing Authorities Director's Association.
HUD (Housing and Urban Development) Counselor. Your local HUD office has resources that can help, and one of those resources is the opportunity to work with a professional counselor trained to help you find housing options in your area. A HUD housing counselor can answer your questions about the home buying process, obtaining a mortgage, and more. He or she may also be able to tell you about various home buying programs in your area, including some lesser-known programs.
HUD Property. HUD sells properties in every state in the U.S. You can learn more about HUD properties by visiting the HUD website and searching for homes available for sale in your state. Be aware, though, that some of the properties available through HUD may be in less desirable neighborhoods, so be sure to do your homework and really get to know the area before you make an investment.
Habitat for Humanity. Habitat for Humanity builds homes for families in need, and they're one of the most well-known organizations offering practical financial support to single parents. If you want to be added their list as a potential homeowner, start by becoming familiar with the criteria they use to select homeowners.
Individual Development Account (IDA). An Individual Development Account is a matched savings account, usually set up by a community organization, for the purpose of helping low to mid income families save money toward the purchase of a home, education costs, or financing a small business. In some cases, organizations that offer IDAs will match your savings dollar for dollar. You can find out which organizations in your area offer IDAs through the Corporation for Economic Development. Be sure to pay attention to the fine print.