Many of the homes were repossessed as a result of a defaulted mortgage insured by the Federal Housing Administration (FHA).
Proceeds from sales are used to recoup losses sustained during the foreclosure process.
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In some instances, single mothers give up on their dream of owning a home because of financial constraints caused by only having one income.
Although national programs catering to single moms are not available at this time, alternatives are available to assist financially and provide guidance on the home-buying process.
To learn more about the program or apply for consideration, call 1-800-422-4828 or use their online search tool to find a local office.
The HUD Home Store sells one to four unit residential properties that have been foreclosed.
These accounts, which remain open from six months to a few years, are made possible by collaborations between financial institutions and nonprofit organizations.
To qualify for consideration, applicants must: If approved for inclusion into an IDA program, you will have to complete a series of financial education courses on budgeting and saving.
In addition, qualification criteria, such as credit scores, are less stringent than traditional mortgage products and the interest rate offered is typically very low.
To locate FHA approved lenders, search HUD's database.
Federal funding for non-profit organizations that provided down payment assistance to individuals in need was eliminated in 2008.