Are you looking to buy your dream home but need financial assistance? FHLB may have the right program for you! FHLB offers grant funds that are sponsored by the Federal Home Loan Bank out of Atlanta. Grants are non-repayable funds or products disbursed by one party, often a government department. FHLB offers 4 different programs including First-Time Homebuyer, Community Partners, Veterans and Returning Veterans. FHLB funds may be used towards the downpayment and/or closing costs for the purchase of a home.
Check out the programs and their guidelines below to see if FHLB is right for you! It’s important to note that grant funds are available on a first come basis. Don’t miss the opportunity to own a home of your own and receive financial assistance along the way! For more information on FHLB products and guidelines contact Advance Financial Group.
First-Time Homebuyers Product (FHP)
The FHP has been offered since 1997 and has made homeownership possible for over 21,000 families. The First-time Homebuyer Product provides up to $5,000 to be used toward the down payment or closing costs of a first-time homebuyer with a minimum contribution of $1,000 from the borrower. A first-time homebuyer is an individual who meets any of the following criteria:
- An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
- A single parent who has only owned with a former spouse while married.
- An individual who is a displaced homemaker and has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
Community Partners Product
Active Duty and retired law enforcement officers, educators, firefighters, healthcare workers and other first responders are eligible for up to $7,500 of assistance for closing costs or downpayment funding with a minimum contribution of $1,000 from the borrower. This is available to first-time homebuyers or non-first-time home buyers.
All Active Duty or Veterans in any branch of the U.S. Military are eligible for up to $7,500 of assistance for closing costs or their downpayment.
Returning Veterans Product
All Active Duty or Veterans in an overseas military intervention for any branch of the U.S. Military are eligible for up to $10,000 of assistance for closing costs or downpayment.
For more information please visit http://corp.fhlbatl.com/.
This article was provide by Tim Lee, loan officer (NMLSR: 1078215) from Advance Financial Services Group a division of Monarch Mortgage. All advice given in this article is for informational purposes only. Specific questions should be referred to your local lender.