Mortgage Assistance Programs for Women

Are you a woman living in the United States who wants to become a home owner? You are not the only one with that dream and, the good news is, there are many programs in place that can help you make it a reality! Applying for a home loan and saving up the down payment can seem like an impossible feat but it may be easier than you think. But what if you already have a mortgage and are struggling to keep up with the payments? There is help available for you too! Here are the programs you should know about.

Federal Housing Administration (FHA) loan program

The U.S. Department of Housing and Urban Development (HUD) has an agency called the Federal Housing Administration (FHA). The FHA has a program (FHA loans) in which it insures mortgages for first-time home buyers who qualify. This provides lenders with a layer of security against defaults, enabling more competitive interest rates, easier qualification requirements, and a smaller down payment requirement. If your credit score is at least 580, you could qualify to put down as little as 3.5% of the purchase price. Even if your credit score is worse than 580, you can still qualify for a down payment as low as 10% Learn more about FHA loans here.

USDA loans

If you have considered buying a home in a rural area, check out the USDA loan program. If you and your potential home fit the criteria, you can qualify for 100% financing– that means NO down payment at all! This program can be a game changer that helps you get into your first home. To qualify, you must meet certain guidelines and the home must be in an area deemed eligible by the USDA. To learn more about the program or to check if you or a property is eligible, click here.

Fannie Mae and Freddie Mac HomePath Ready Buyer Program

Like the FHA program, Fannie Mae and Freddie Mac back mortgages to offer lenders more security. As a result, the lenders can approve more applicants who may not have established a solid financial history yet. Down payments of as little as 3% of the purchase price are offered. Plus, the HomePath Ready Buyer Program is designed specifically to help first-time homebuyers through the homebuying process. Learn more here.

HUD Dollar Homes

Dollar homes? We’ve got to be kidding, right? No. HUD actually has an initiative in place that helps local governments to help low to moderate-income families to purchase homes for $1. The $1 homes are single-family homes that have been foreclosed and which the FHA has acquired as a result. You can search for eligible properties on this site and iif you want to learn more, contact your local HUD branch.

Home Investments Partnerships Program (HOME)

The HOME program is funded by the federal government and given to communities, often in co-operation with non-profits. The funds are used to build, buy, and rehab affordable housing and to provide direct assistance to people with a low-income. You cannot get assistance directly from the program but instead should contact the HUD field office in your area to see if you qualify. Your local government will administer the program and decide who gets money. Find your local HUD office here.

State Home Buyer Programs

Each state has programs in place to help its residents buy their first homes, remodel homes, and even buy their second loans. Browse the programs by state here.

Help Paying Your Mortgage

If you are struggling to keep up with your mortgage payments, check out these programs that may be able to help:

• Hardest Hit Fund (HHF): A federal fund that provides financial aid to the states hit hardest by the economic crisis. Each state has local agencies in place to provide assistance which includes mortgage payment assistance. Learn more here.
• Principal Reducton Alternative (PRA): If you qualify for this program, your lender may agree to lower the principal amount you owe on your home. Over 100 loan servicers participate in this program. Learn more here.
• Home Affordable Unemployment Program (UP): If the reason you can’t afford your mortgage is because you have become unemployed, this program can help you by reducing or suspending your mortgage payments for 12 months. Learn more here.
• Home Affordable Refinance Program (HARP): This program can help you refinance, even if your home value has significantly decreased since you bought it. Learn more here.

If owning your own home is something you are determined to do (or keep doing), these programs can help. Click the links above to learn more and find out if any of these are the right fit for you.