First-Time Home Buyer Grants for Single Moms
Grant programs help unmarried moms and their families since they often require the most aid among any number of individuals. Rearing your kids is itself a fulltime job, and somebody has to earn the money to pay the invoices. These grants and different types of housing aid are designed not just to place unmarried moms and their families under a roof but to reduce their payments, boosting their ability to pay the mortgage in a timely fashion.
Bridge of Hope
Single moms of low-income households may also benefit from home assistance available through the federal spiritual service agency Bridge of Hope. The Bridge of Hope business design contains a professional team of trained social workers to help families allocate funds for home, but more services for emotional support and fiscal budgeting are accessible as well. As of September 2010, there aren’t any passing of Hope affiliates in California, but affiliate startup packets can be acquired by calling the federal headquarters.
Home Choice Vouchers
HUD also coordinates the housing choice vouchers plan, which delivers housing aid to very low cost families for the purchase of single-family home in an apartment, townhouse or other structure. The home subsidy award is usually determined as the rent minus 30% of the gross monthly income for your household. Housing choice vouchers are available by speaking with the local public housing agency (PHA). California comprises 122 PHAs as identified by HUD.
First Time Homebuyer Tax Credit
An IRS income tax credit for first-time home buyers, including unmarried mothers, was created in 2009 with the passage of the Worker, Homeownership and Business Assistance Act. Qualifying first-time property buyers under this action are entitled to maintain a one-time tax credit up to $8,000 on their annual income taxation. Only first-time home purchases made in 2008 and 2009 — or under contract before April 30, 2010, and closed before Sept. 30, 2010 — are eligible for the tax credit, but this time frame is already extended at least once.