Buying a home as a single mom or Dad can be very challenging. As a single parent you miss out on the benefit of having two incomes to qualify for a home loan. It is important that before you begin shopping for a home you get prequalified or preapproved for a mortgage so you know how much home you can afford on only your income. You will also want to educate yourself on the home buying process and find a good real estate agent who is aware of your situation and is willing to help you find a home that fits your price range.
There are also many programs in place to assist single moms and dads with buying a home. We've outlined some of those programs below, and have also provided links to where you can find more information on local home buyer assistance for single moms in your area.
Habitat for Humanity can provide a way to purchase an affordable home on a single parent's income. They use volunteer labor and donated materials to build or rehabilitate simple homes for families in need of affordable housing. Habitat for Humanity does not give away homes. If you become one of their partner families/homeowners you will be expected to put hundreds of hours of sweat equity into helping with the construction of your home. The benefits of the program are great, though, and well worth all the work. The houses are sold with no profit, which keeps the cost low, and are financed with affordable mortgages. The homeowners' mortgage payments then go to fund more Habitat houses.
For more information visit the Habitat for Humanity Website.
Many cities both big and small around the US have programs in place to assist single parents in buying a home. The HUD website provides links to local programs from their site, which is a good place to start your research to see if there is anything in place in your area that may provide assistance.
HUD Links to Local Home Buying Programs
We've also located several local programs that we've outlined here. This is by no means a complete list, so if you don 't see anything for your area be sure to follow the link to the HUD site above and research what is available to you.
Dallas Mortgage Assistance Program (MAP)
For first time home buyers in Dallas, this program provides up to $10,000 toward a downpayment, closing costs, or principle reduction. if you are a single mom, single dad, or displaced homemaker you are automatically considered a first time home buyer even if you have previously owned a home.