Up to $15,000 per Homeowner Available through Southeastern Financial Institutions
ATLANTA, Jan. 14, 2019 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that funding is now available for its 2019 Homeowner Assistance Products. The Homeowner Assistance Products are part of FHLBank Atlanta’s Affordable Housing Program (AHP), and are designed to help eligible borrowers purchase or rehabilitate their home.
Since 1997, Homeowner Assistance Products have provided more than $208 million in grant funding that has enabled more than 30,800 households to purchase or rehabilitate a home. In 2018 alone, FHLBank Atlanta member financial institutions delivered $16.5 million in home purchase and rehabilitation grant funding leveraging more than $413 million in first mortgage financing to assist 2,656 households.
A summary of 2019 Homeowner Assistance Products is below. To learn more click here:
- First-time Homebuyer Product
The First-time Homebuyer Product provides up to $5,000 in down-payment, closing-cost, and principal reduction assistance for eligible first-time homebuyers.
- Community Partners Product
The Community Partners Product provides up to $7,500 in down-payment, closing-cost, and principal reduction assistance for first-time or non-first-time homebuyers who are currently employed or retired law enforcement officers, educators, firefighters, health care workers, and other first responders.
- Foreclosure Recovery Product
The Foreclosure Recovery Product provides up to $15,000 in down-payment, closing-cost, and principal reduction assistance for eligible homebuyers purchasing properties from the Real Estate Owned inventory of any FHLBank Atlanta member financial institution.
- Community Rebuild and Restore Product
The Community Rebuild and Restore Product provides up to $10,000 in funding for the rehabilitation of an existing owner-occupied home in a “Major Disaster Declaration” area as designated by FEMA. The homeowner must have at least 30 days of current ownership by life estate or full interest in the fee title and have ownership of the subject property at the time of the “Major Disaster Declaration.”
- Veterans Purchase Product
The Veterans Purchase Product provides up to $7,500 in down-payment, closing-cost, and principal reduction assistance for first-time or non-first-time homebuyers who are veterans or active-duty members of any branch of the U.S. military, their spouses, or their surviving spouses.
- Returning Veterans Purchase Product
The Returning Veterans Purchase Product provides up to $10,000 in down-payment, closing-cost, and principal reduction assistance for first-time or non-first-time homebuyers who are currently serving or have served in an overseas military intervention for any branch of the U.S. military, their spouses, or their surviving spouses.
A listing of member financial institutions is available on the FHLBank Atlanta website at www.fhlbatl.com.
If you need assistance finding a member financial institution to work with, or for more information, call the Bank’s Community Investment Services department at 1.800.536.9650, option 3, option 0.
About the Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members – its shareholders and customers – are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $5.8 billion in AHP funds, assisting more than 865,000 households.
CONTACT: Peter Garuccio
Federal Home Loan Bank of Atlanta