Single Mothers Grants For First Time Home Buyers That Will Make A Housing More Affordable
Buying a home for the first time carries with so many dreams and expectations. However, what will you do to finance the loan? Which loans offer low interest rate and can you find grants which bring down the burden of having to repay the principal amount?
What Grants Are Available For First Time Home Buyers?
First time home buyers grants strive to give affordable housing to people of low to medium scale income. By knowing how to avail them, you can bring down housing costs to a great extent. Here is a look at what they are:
FHA Loan – Also known as the Federal Housing Administration Loan, it is government aid and one that offers the lender good protection. Borrowers with good credit score have to pay only 3.5 percent down payment.
- Attractive interest rate
- Small down payments
- Low closing cost compared to traditional loans
USDA Loan – Also known as the U.S. Department of Agriculture (USDA) Loan. With a good credit score, no need to show any documentation.
- Attractive interest rate
- No down payment needed
- Loan payments are fixed
Affordable Grants to buy your first home
Fannie Mae and Freddie Mac – Government sponsored entities who work with local lenders to provide very affordable government loans for single moms to buy first time home buying.
- Meant for low to medium income families
- Down payment as low as three percent is acceptable
- Interest rates are very competitive
- Offers a large repayment period with very little monthly EMI
VA Loan – This loan is meant only for veterans of the army, their surviving spouses and also active-duty military members.
- Highly attractive interest rates
- No need for any down payment
- Low monthly EMI
National Homebuyers Fund – Funds are given through a participating lender and the income criteria for availing loan similar to what is seen in USDA, VA and FHA loans.
- Has down payment assistance program that offers a non-repayable grant amounting to five percent of the loan
- Attractive interest rate and low monthly EMI
American Dream Downpayment Assistance Program for Homeowners to pay loans easily in the right time.
How To Qualify Single Mothers for First Time Home Buyer USA
HUD Dollar Home Programs – This program enables you to get a foreclosed home.
- Affordable loans with low interest rate
- Low down payment
- Assistance with closing costs
- Grants For Single Mothers To Pay Bills
Good Neighbor Next Door Program (GNND) – It is a program provided by the department of Housing and Urban Development (HUD).
- Meant for teachers, firefighters, police officers and medical technicians working in emergency
- Designed to help them buy a home at affordable loan interest rate
- Helps to get a HUD home with a 50 percent off the price list
- Down payment is low but 100 percent has to be paid
Homeready Mortgage – It is offered by Fannie Mae with the aim of giving affordable home buying loan to home buyers also available to help single mothers.
- Down payment is as low as just three percent
- Very low interest rate leading to low EMIs
- In addition to regular income, additional income source can also be shown for loan eligibility
- Mortgage insurance can be canceled later