Federal Home Loan Bank (FHLB) of Atlanta – First-time Homebuyer Product (FHP)
Special Alert
FHLB of Atlanta does not work directly with consumers. Homebuyers must contact a member bank to participate in the program – http://corp.fhlbatl.com/find-member/.
Maximum Purchase Price
Inquire for Details
Contact Info:
http://www.fhlbatl.com/ 1475 Peachtree Street, N.E., Atlanta, GA 30309 4048888000
Limitations
These funds cannot be used to pay MI premiums, MI rate reductions, or MI fees.
Credit Score Requirements
Based on 1st Mortgage Guidelines
Deferred Payments?
Yes
Accepted First Mortgage Type:
Freddie Mac, Fannie Mae, FHA 203(b), VA, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
Location:
557 Counties, 1 State, 39 Cities Program is available statewide in states within FHLBank Atlanta’s footprint. FHLBank of Atlanta has members in the following states: AL, FL, GA, MD, NC, SC, VA and DC
Income Limitations:
Yes (including household income) Income limits from FHLB 2023 80% AMI guidelines At the time of each application submission and at closing by the member to the Bank, the homebuyer or the homeowner’s households must have incomes at or below HUD 80% of the AMI, adjusted for family size (2023 income limits are in effect) Income Documentation Requirements: https://corp.fhlbatl.com/files/documents/ahp-income-documentation-requirement.pdf Funds are provided to member institutions, which in turn make them available for qualifying families with incomes at or below 80 percent of the county area median income or the state median family income, adjusted for family size as published by HUD, whichever is higher.
Maximum Assistance
$12,500 The First-time Homebuyer Product (FHP) provides funding for down-payment and closing-cost assistance to low- and moderate-income homebuyers. These funds are provided to member institutions, which in turn make them available for qualifying families with incomes at or below 80 percent of the county area median income or the state median family income, adjusted for family size as published by HUD, whichever is higher. The Bank offers it’s AHP Homeownership Set-aside Program if funded, on a unit-by-unit, first-come, first-served basis; during the Bank’s annual offering cycle; continuing until the allocated funds are exhausted or December 15, whichever occurs first. Funds up to $12,500 per unit may be awarded
Education Requirements Info:
Homebuyers/homeowners must complete the Bank’s prescribed homebuyer counseling, debt management planning, and default prevention program Homebuyer education will vary based on member banks. Please discuss homebuyer education options with the selected member bank at time of application.
Eligible Property Types:
Not Applicable
Income By Household Size:
$1,000 Minimum $1,000 homebuyer contribution
Qualifying Ratios:
Determined by first mortgage product or lender.
