Federal Home Loan Grant Program

Federal Home Loan Bank of Atlanta

Grant Program

Program Details

·        5 to 1 matching program.  $5 for every $1 invested by the buyer up to a maximum grant of $7500. 

 ·       $1500 investment from buyer = $7,500 grant

·        $500 minimum investment from buyer (can be gift from family related by blood)

·        Forgivable loan over 5 year period.  No payments

·        Should borrower vacates property w/in 5 years, a prorated amount of the grant must be repaid

·        Buyer cannot receive more than $250 cash back at closing

·        Can only be used to purchase a primary residence

·        1^st Time Buyer Only You cannot have owned a home in the past 3 years

·        Buyer must complete FHLB homebuyer counseling, debt management planning & default program  training as conducted by CredAbility

·        $150 cost for counseling to be paid at closing

 ·        Fixed rate loans and ARM loans with a minimum initial fixed term of 3 years.

 ·        No interest only loans

 ·        No negative amortization loans

 ·        Grant can be used for the 3.5% down requirement for FHA financing

 Max Combined Loan to Value (CLTV) is 105% but can be increased to 108% for USDA and VA first trust transactions.

Income limits do apply based upon size of household

For Further Information, call:

Edda Berglund

703-625-4807

9393 Forestwood Lane, Manassas VA 20110

703-368-9248  Fax 703-368-3180

www.qualifyU.com