Single Mom Grant: If You’re a Single Mother You May Be Eligible For This Amazing Grant
Most people who buy homes do so with the assistance of a home buyer loan, which is paid back regularly over the course of many years. For some people, however, home buyer grants are available. They can make purchasing a home much, much easier.
A grant is a sum of money awarded to a home buyer, provided that he or she complies with particular terms. Single mothers may be eligible for such a grant. A huge benefit to the grant money, is that it is not required to be reported as income when you file taxes and it is not a liability that needs to be included in financial matters in the future.
Before you can figure out if you’re eligible, you must first find an institution or governmental body that is awarding grants for single mothers. Because the field of potential applicants is small, not much money is used to advertise these grants. You may need to do some homework.
Generally, once you’ve found one, there are two major eligibility factors. The first is that the income of the single mother must fall within a specific window. The second is that the woman can not have owned a home at any time within the past three years.
What you’ll receive
Most grants are not ongoing commitments to be used annually or with your monthly payments. In fact, you’ll likely only receive financial assistance on a single occasion. All grants have specific limitations to how much can be given. It is unlikely that your grant will exceed 10% of the total amount owed for your new home.
When you’ll receive it
No agency that offers free home buyer grants to single mothers will commit to assistance unless you’re actively involved in purchasing a home. That is to say that you can’t start “shopping” after you get the commitment. You must already be involved in the process – with a mortgage commitment from a traditional lender – before you become eligible.
Typically, the funds are provided as part of Down Payment Assistance (DPA). Their purpose is to enable you to begin the home ownership process by overcoming the most difficult financial step.
Process takes time
Although the idea of “free money” can elicit the notion that it is also easy, obtaining a home buyer grant can be difficult. Finding someone willing to give you the money can be difficult in and of itself. There are many state and federal programs which you’ll need to research. Almost all of the information can be obtained online for free if you’re diligent.
You’re most likely to find success if you find professionals to assist you. Stick with a realtor who has your best interests in mind and is willing to work through the whole process to the end. It may be easier, also, if you can find a single loan originator with whom you would like to do business. They can help you navigate the sometimes arduous path of obtaining a free home buyer grant.