Are there programs out there to help low-income, single mothers be able to buy a house?

Question

Are there programs out there to help low-income, single mothers be able to buy a house?

Answer 1

The fact you are a single mother is irrelevant.

The answer, though, is yes, there are programs out there to help low-income people purchase homes. These include FHA programs, State Housing Authority programs, and Fannie Mae MyCommunity and Freddie Mac HomePossible programs.

Do a web search for the State Housing Authority for your state. For most states, you will find a web site chock full of information for people like you!

And, btw, as long as you purchase a home that is affordable for you, now is a great time to buy. People pay attention to monthly payment more than home price. When interest rates are low, home prices creep up. Interest rates have gotten a little higher, so home prices have crept down, even in those areas not hurt by the present subprime-led problem. The upshot is if rates go back down, you refinance, and have the benefit of the lower price and lower interest rate. Many people will only purchase when interest rates are a little higher just for that reason.

Answer 2

Yes if you are flexible in what you are after. You could buy one pretty soon if you consider Vendor Financed homes or Rent To Own homes as the owner would assess you and not a bank..

Cheers

Sheree