With housing costs on the rise, many single parents have a hard time trying to make ends meet. Most families which have two parents also usually have two incomes. This makes it much easier to get ahead and pay off a mortgage and therefore ultimately own your own home. It is difficult for single moms to make ends meet. This is because they carry the entire burden of being a parent as well as a breadwinner, making it difficult to own their own home.
The good news is that the government recognizes that certain individuals need more help than others, especially in the area of housing. So, there are a few private and government programs available providing housing assistance for single mothers, especially those who are in a poor financial situation.
One of the most common ways for a single mom to get a home is through the Housing and Urban Development program, which is usually called HUD. The HUD program is the federal government's major program for helping very low-income families afford decent, safe, and sanitary housing. HUD works with lenders to get loans for people who would not normally qualify for a mortgage. This guarantee makes it possible for the lender to loan to someone who is considered a poor risk, because the government will pay a portion of the loan if the borrower defaults. HUD has another program designed specifically for people who are in lower income brackets. This program is called the Housing Choice Vouchers Program. Under this program, low-income families with children, including those with just a mom, can get vouchers to help pay rent or mortgage payments. The Section 8 housing vouchers are dealt with by the specific state agencies, so best to talk to the specific state agency that you live in.
WIC (Women, Infants and Children) is another organization which can help provide housing assistance for single mothers. This program is created for single women with children of the age of 5 and under and provides coupons for free items every month. CoAbode is another organization which provides a way for single mothers to find other single mothers to share a house with. This means that they can share household expenses and therefore have more money left over for other items.
Therefore, there are numerous different types of financial help for single mothers, it is just a matter of knowing where to look.
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