By Phil Ganz
Edited by Ryan Skerritt
Being a single mom can make homeownership feel out of reach, especially with the added financial challenges.
But there are home loan programs designed to help.
From down payment assistance to low- or no-down-payment mortgages, these options can make buying a home more affordable.
See Which Florida DPA Programs You Qualify For
In this guide, we’ll explore the best mortgage programs and down payment assistance available to single moms to help you get started on your journey to homeownership.
What Are Down Payment Assistance Programs?
Down Payment Assistance Programs (DPAs) help low- and moderate-income individuals, including single moms, by covering some or all of the upfront costs of buying a home.
These programs, often run by state agencies or local housing organizations, make homeownership more affordable by reducing down payment requirements.
Some programs may have specific qualifications, but many are available to help single moms get into a home with little or no money down.
See Which Florida DPA Programs You Qualify For
Types of Down Payment Assistance Programs
Now that we’ve covered the basics of down payment assistance programs, let’s dive into the different types available to single moms.
SIngle mom's have access to a variety of down payment assistance programs that make homeownership more affordable.
These programs come in different forms, such as grants and low-interest loans, helping reduce upfront costs.
Grants
Grants provide free money that doesn’t need to be repaid, making them one of the most attractive forms of assistance.
These are typically funded by state or local housing agencies and are designed to help low- and moderate-income individuals, including single moms, purchase homes.
Grants are ideal for reducing upfront costs without increasing your monthly payments.
Estimated Savings: Up to $10,000 or more, depending on the program.
Forgivable Loans
Forgivable loans are essentially loans that are erased after a specific period, usually 5-10 years, if you remain in the home.
This type of assistance provides upfront funds for the down payment with the promise that, if you meet the loan’s terms, you won’t need to repay it.
Many programs for single moms offer forgivable loans as an incentive to stay in their homes long-term.
Estimated Savings: Up to $15,000 over the life of the loan.
See Which Florida DPA Programs You Qualify For
Deferred Payment Loans
Deferred payment loans allow you to borrow money for a down payment, but you won’t need to make payments until you sell, refinance, or pay off the home.
These programs can be especially helpful if you're working to build equity and prefer to delay additional monthly costs.
For single moms, this is a great option to help bridge the gap without immediate financial strain.
Estimated Savings: Varies, but could cover up to $12,000 in upfront costs.
Low-Interest Loans
Low-interest loans are provided to reduce the cost of the down payment with the benefit of lower repayment rates.
While these loans do need to be repaid, the reduced interest makes them an affordable option for single moms looking to minimize upfront and long-term costs.
These programs are often combined with other assistance options to further ease the burden of home buying.
Estimated Savings: Savings of $5,000-$8,000 over the life of the loan due to reduced interest rates.
With a variety of down payment assistance types in mind, let’s explore the specific programs available for single moms in Florida.
See Which Florida DPA Programs You Qualify For
What Are the Available Programs for Single Moms?
As a single mom, finding the right home loan or down payment assistance program can make a big difference in achieving homeownership.
Fortunately, there are several programs specifically designed to support single moms in Florida.
These programs offer financial assistance, reduced interest rates, and flexible loan options to help you overcome common homebuying challenges.
Let's explore the top available programs that can help make your dream of owning a home a reality.
Florida Hometown Heroes Program
The Florida Hometown Heroes Housing Program offers full-time workers in eligible professions up to 5% of their loan amount (up to $35,000) in down payment and closing cost assistance.
This assistance comes as a 0%, 30-year deferred second mortgage with no monthly payments.
Best of all, Florida single mom's qualify as eligible as long as you are gainfully employed in the state of Florida.
Additionally, participants can benefit from lower mortgage rates, reduced fees, and no origination points, helping them afford a home in the communities where they work.
To qualify, borrowers must be first-time homebuyers, meet income limits, and have a minimum FICO score of 640.
100% FHA Zero Down Financing Program
The 100% FHA Zero Down Financing Program is designed to help qualified Florida residents, including single moms, buy a home without needing to make a down payment.
This program covers the full 3.5% FHA down payment and can even assist with closing costs.
By eliminating these upfront expenses, single moms can secure a home sooner and use their savings for other essentials like furniture or moving costs.
With lower credit score requirements, flexible guidelines, and no need for a down payment, this program makes homeownership more accessible for families in Florida.
Check Your 100% FHA Zero Down Program Eligibility
Florida Own a Home Opportunity Program
The Florida Own a Home Opportunity Program offers up to $10,000 in down payment and closing cost assistance for first-time homebuyers.
This assistance is provided as a soft second mortgage with 0% interest, meaning no monthly payments are required until you sell, refinance, or pay off your home.
Available in select Florida counties, the program helps reduce upfront costs, making homeownership more affordable for eligible buyers.
See Which Florida DPA Programs You Qualify For
FHA Good Neighbor Next Door Program
The Florida FHA Good Neighbor Next Door Program helps teachers, firefighters, law enforcement officers, and EMTs purchase homes at a significant discount.
This federal initiative promotes homeownership in designated revitalization areas by offering properties at reduced prices.
Eligible participants can receive up to 50% off the home’s value and must commit to living in the property as their primary residence for at least three years.
The program aims to strengthen communities by encouraging public service workers to live in the areas they serve.
Check Your 100% FHA Zero Down Program Eligibility
Florida First-Time Homebuyer Programs
If you're a single mom and a first-time homebuyer in Florida, you may qualify for one of the 25 Florida first-time homebuyer programs we’ve compiled.
These programs offer various benefits, from down payment assistance to reduced interest rates, helping you achieve homeownership more affordably.
Whether you need help with closing costs or flexible loan terms, these programs can make buying your first home easier and more accessible.
Explore your options to find the best fit for your financial situation and start your journey toward homeownership today.
See Which Florida DPA Programs You Qualify For
What Are The Requirements To Use Down Payment Assistance and Home Loans for Single Moms?
Before applying, it's important to know the general requirements for these programs.
Each homebuying program has its own unique set of requirements, but there are common guidelines you’ll need to meet to qualify. Here are the general criteria that apply to most programs:
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Income and Purchase Price Limits: Most programs have specific income and purchase price limits based on your location and household size. You’ll need to ensure your income and the price of the home fall within these limits to qualify.
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Approved Area: Many programs require that the property you’re purchasing is in an approved area. This can vary by program, so be sure to check if your desired location qualifies.
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Primary Residence: These programs are designed for individuals buying a home to live in, not as an investment property. You’ll need to use the home as your primary residence and move in within a set timeframe after purchase.
While each program will have additional requirements, these are the general qualifications you’ll need to meet. Be sure to review the details of each program to find the best fit for your needs.
See Which Florida DPA Programs You Qualify For
Take the First Step Toward Affordable Homeownership
Achieving homeownership as a single mom in Florida may feel challenging, but with the right programs and assistance, it’s more attainable than you might think.
From down payment assistance to zero-down financing and special loan programs, there are many options designed to help you overcome the financial hurdles of buying a home.
Take the time to explore the various programs we’ve outlined and ensure you meet the eligibility requirements. By taking advantage of these opportunities, you can move closer to securing a stable and affordable home for you and your family.
If you’re ready to start your journey, check your eligibility for Florida’s down payment assistance programs today and take the first step toward owning your dream home.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
