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.
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.
++ Popular grants for women
- $5,000 Doris Day foundation grant
- $15,000 Patagonia Grant
- $2,500 Zach Grant
- $700 Target Field Trip Grant
- $25,000 Ben & Jerry’s Social Change Grant Program
- $1,000 Pollination Project Seed Grant
- $10,000 Saucony Run for Good Grant
- $35,000 W. Eugene Smith Photography Grant
- $2,000 Whole Kids Garden Grant Program
- $20,000 Dizzy Feet Foundation Dance Grant
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.
++ Popular grants for women
- Government assistance programs for Women
- Section 8 Assistance Program for Women
- Low Income Financial Assistance Programs for Women
- Foreclosure Assistance Programs for Women
- Mortgage Assistance Programs for Women
- Get Help with Buying your Medications
- Medical Bills Assistance Programs for Women
- Financial Assistance Programs for Women
- Organizations That Offer Free or Low-Cost Credit Counseling to Women
- Salvation Army Assistance Programs for Women
- Free Legal Assistance for Women
- Help for Women with Paying Off Student Loans
- Electric Bills Assistance for Women
- Grants and Scholarships for Women Going Back to College
- Popular Charities that Help Women with Bills
- Financial Assistance Programs for Senior Women
- Financial Assistance Programs for Disabled Women
- Pell Grants for Women
- Children’s Health Insurance Program for Women
- Grants for Women with No Health Insurance
- How to Apply for Government Benefits as a Woman
- Food Stamps for Women
- Unemployment Benefits for Women
- Grants for Women that Help with Telephone Bills
- Debt Consolidation Programs for Women
- Bankruptcy Assistance for Women
- HUD Public Housing for Women
- Small Business Grants for Women
- Grants for Pregnant Women
- Welfare Benefits for Women
- WIC Program for Women
- Rent Assistance for Women
- Housing Grants for Women
- Food Assistance for Women
- Cash Assistance for Women
- Childcare Assistance for Women
- Local Church Assistance Programs for Women
- College Grants for Women
- LIHEAP Energy Assistance Program for Women
- Water Bills Assistance for Women
- Financial Help for Female Veterans