Single Parents Can Afford a New Home

Being a single parent is a tough job.   Trying to take care of the whole family with only one income can be taxing on both the pocketbook and the mind.  For most single parents there is a very real struggle to stay focused on paying the bills every month and often they are so focused on that goal they forget to set bigger goals, to aim higher.  Well, those higher goals can actually include homeownership.

For single parents who are hard at work focused on getting monthly bills paid then the idea of owning a home is probably something far ahead in the distance.  But hold on, there are ways to bring that dream into focus faster.

FHA Loans

The FHA (Federal Housing Administration) is a government agency which provides government insured loans through approved lenders.  These loans are designed to help those with lower incomes buy a home by providing a high-quality loan, backed by the government, at a low down payment (3.5%).

HUD Homes

HUD homes are homes available on the official Federal Department of Housing and Urban Development market.  These homes are typically homes that were FHA foreclosures.   These can be purchased by anyone and are very affordable.

IDA

IDA stands for Individual Development Account and is a described as a savings account usually set up by nonprofit organizations to assist single income families in saving money.   These accounts can be used for a variety of different needs.   Such as starting up a business, paying for expensive repairs, or even buying a home.

These savings accounts are typically matched by the organization that provides the accounts.   The programs deposit a certain amount of money for every dollar the account holder deposits.   The matched amount can vary, but it is a great way to help save up money for a big purchase.

Rent-to-Own Homes

Renting to own a home is not a new practice.  It has been around for quite a long time now.  Rent-to-Own is not for all people and can be a little bit of a risk.   Anyone can qualify for a Rent-to-Own home.  These types of home purchases are ideal for people who are just a few years away from buying their first home.   With the rising prices of homes all over the country, a rent-to-own home can allow a buyer to lock in a lower price a few years before having to borrow money from the bank.   They are a great way to save money on a home in today’s fast-paced, high priced real estate market.

Take a look at some of the rent-to-own home listings on our site today.