Today, housing assistance for single mothers can be sought from both government and private sources. In some cases, it becomes difficult to secure government assistance due to tough competition. On the other hand, private housing programs for single mothers are easily obtainable due to small size applications. Let’s have a look at some of the private housing programs available for single moms to meet their housing needs.
Walls of Hope or the Salvation Army
Walls of Hope or the Salvation Army provide housing assistance to single mothers looking to purchase their home. Usually, they help single mothers with the down payment amount, so that single mothers are able to surpass a major hurdle that usually drags thousands of women away from their dream of home ownership.
Ameridream is another private resource through which single mothers can seek assistance for the down payment amount to obtain their home. Ameridream is a renowned charitable entity that provides financial assistance to low earning families. They are currently running two programs that are centered towards housing needs for the needy citizens of the country. Apart from helping single moms with the down payment amount, they also offer home buyer education program.
Fannie Mae can prove to be a wonderful resource as well for single moms who are already enjoying a good credit score and have adequate money to pay the down payment amount required to obtain a home. Fannie Mae sells foreclosed homes. The best part is that they sell these properties for a relatively lower price in comparison to the current market value for the properties.
Single mothers who are unable to seek any kind of financial assistance through government or any of the above mentioned sources can seek private loans in order to purchase a home. There are some private lenders out there who offer home loans at deep discounts to single mothers. In fact, certain low interest loan programs are designed specifically for single moms. You may have to approach numerous lenders to be able to seek a low interest home loan.
Housing assistance can also be sought from CoAbode. CoAbode is a private foundation that offers shared housing for single moms to bring down their cost of living expenses. They help single moms find suitable roommates to share the housing expenses. Many single moms have been able to benefit from CoAbode over a period of time because having a roommate helps one increase their disposable income, which can be used to meet other fruitful needs of one’s family.