ShareThisFederal Home Loan Bank of Atlanta Funds are Available up to $10,000 for First-Time Home Buyers!
The Federal Home Loan Bank of Atlanta funds are available with some participating lenders. Member Banks can access up to $1 million annually and distribute matching FHP awards up to $10,000 per household to eligible home buyers. The program is a 5 to 1 match. If a buyer puts $2,000 of their own funds in the transaction the buyer is eligible for the entire $10,000. Some participating lenders have received their funds and some have not. Contact me to receive a list of participating lenders who have received their funds.
Some of the eligibility requirements for home buyers are as follow;
Funds are only available to first-time home buyers.
A home buyer must owner-occupy the property.
A home buyer must contribute at least $500.
Home buyers must complete home buyer counseling, debt management planning, and default prevention program. The curriculum will include, but is not limited to;
Choosing the right mortgage, avoiding predatory lenders, budgeting and saving, maintaining your new home, and preventing foreclosure.
FHP funds must be used only for down payment and closing costs assistance and must be reflected on the HUD Settlement Statement. FHP funds cannot be used for reimbursement of earnest money deposits, pay discount points, or to pay cash to the borrower at closing.
If you are interested in receiving funds from an participating lender, I would advise you to set up your counseling class immediately. Federal Home loan Bank of Atlanta funds traditionally becomes available in January each year. This year we were informed that the funds would not be available until March 3rd but the participating lenders did not receive funds until April. Many first-time home buyers have been waiting for the program to start since January and they have already completed their counseling requirements. I do not think the funds will last long. With interest rates being low, home prices dropping, plenty of housing inventory, sellers willing to negotiate with buyers, and the $8,000 tax credit the market is starting to heat up. Don’t wait and miss out on a golden opportunity!
7 Responses to “Federal Home Loan Bank of Atlanta Funds are Available up to $10,000 for First-Time Home Buyers!”
May 26th, 2009 at 12:15 PM
Good Afternoon,
Please advise on where and how I would go about registering for counseling services required for obtaining a grant.
I would greatly appreciate all your help and assistance.
Kind Regards,
Michele
May 27th, 2009 at 4:47 PM
Hello Michele,
You can contact Neighborhood Housing Services of Baltimore at 410-327-1200 to schedule a class. Please keep me updated with your progress.
June 10th, 2009 at 4:46 PM
Good Evening,
My credit score is not that great and need some counseling so can can get a grant
June 11th, 2009 at 9:54 AM
Hello Tyrone,
You can contact NHS of Baltimore at 410-327-1200 for counseling.
June 19th, 2009 at 7:36 AM
Is this fund still available? I have taken the class in Harford County, MD and have my certificate. How and where can I apply today?
June 22nd, 2009 at 12:31 PM
Hello LeTanya,
Yes, Federal Home Loan Bank of Atlanta Funds are still available. Give me a call and I will will get you started in the process 410-977-7176.
January 18th, 2010 at 6:22 AM
Great post! keep them comin… thanks for all your hard work.
Leave a Comment