Many single moms think they are doomed to renting due to their financial status. Most two-parent families are also two-income families, and this makes it much easier to get a mortgage, and, therefore, a home. Many single moms struggle to make ends meet financially. As they work to be both mother and breadwinner, many end up in the lower income brackets, making it seem impossible for them to get a home of their own.

The good news is that there are a few private and government programs available for single moms to find help in getting a home, even with 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. HUD works with lenders to guarantee 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. Single moms who need a little help can apply for FHA assistance through HUD. If they are approved, the chance that they will be approved for a loan is increased quite a bit.

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. These are handled by state agencies that are overseen by the federal government, so the specific details may vary from state to state.

The HOME Program is a final option for single moms who have low incomes. This program is overseen by the Housing Finance Agency. It helps single moms and other low-income families by providing assistance with down payments on their homes, which is one hurdle that many single moms simply cannot overcome.

As you can see, there are a variety of programs available to help single moms who find themselves facing financial difficulties realize their dream of owning a home. If you are considering using one of these programs, take a close look at your budget to make sure that you can honestly afford the loan payment, even with help. If you can, get the help you need, and start shopping for your dream home.