2013 FHLB $5,000 Down Payment Assistance Program for Buyers In GA

Real Estate Agent with Virtual Properties Realty

2013 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers In Georgia

The 2013 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers may be the solution for buyers whose credit is good, but may be lacking the total funds for down payment and or closing costs. Buying in the 2013 market presents challenges as many times to win a multiple offer situation the buyer will have to pay most or all of the their closing costs in order to win the offer. This is especially common with HUD homes.  

The Federal Home Loan Bank, otherwise known as the FHLB, is not a government program; rather, its members are made up of regional and community banks from Georgia, Alabama, Florida, Maryland, Washington DC, and the Carolinas.

FHLB down payment assistance program amount is $5,000 for 2013. FHLB provides 4 to 1 matching funds for first time home buyers or someone that not owned a home in three years.  Funds can be used for down payment and or closing costs for low to moderate income home buyers.

Each bank, or member, is allocated $1 million dollars to use towards down payment assistance to help low to moderate income level families purchase a own a home. Not all banks offer this program and funds are on a first come first serve basis so when the funds will run out, they are gone.

The video has a couple who received FHLB money in late 2011 when the limit was $7,500.


Program Highlights:

  • Buyer’s minimum contribution is $1,000.00
  • FHLB program will match buyer’s contribution 4-to-1 up to $5,000.00
  • Funds can be used for down payment, closing costs and or pre-paids
  • Income limits do apply as income must be at or below 80% of the HUD AMI limits
  • Program is for first time home buyers or if you have not owned a home in 3 years
  • Buyer must occupy the home for 5 years, after 5 years the total amount is forgiven
  • Money is interest free, and every year you remain in the home, 20% of the down payment is forgiven
  • Only available for primary residence purchase transactions
  • Earnest money and upfront appraisal fees count toward home buyer contribution
  • Available for homes listed for resale and new construction
  • No additional underwriting or extra time to process

The following grid shows the general income guidelines to qualify for the FHLB program.  This grid should not discourage you if you feel you do not fall within these guidelines. Your situation is unique to you and we encourage you to contact us today and find out how we can help you as we have other down payment assistance programs that have higher income limits below.


2013 Hud Income Limits Metro Atlanta

1 person    2 person    3 person    4 person    5 person    6 person    7 person    8 person

$37,150     $42,450      $47,750     $53,050     $57,300     $61,550     $65,800       $70,050

This program is designed for the first time home buyer or someone who has not owned a home within the past 3 years. The above income limits is for total income for the household including everyone’s income in the household.

If you income is above this limit we also have GA Dream that can provide $5,000 towards down payment assistance and $7,500 if you are a public servant, such as a police officer, fireman, school teacher or in the medical field such as a nurse. Please see my GA Dream 5,000 Down Payment Assistance Blog for more details.

Finally, we have another down payment assistance programs called the Gwinnett Homestretch Program $7,500 Down Payment Assistance program that is forgiven after 5 years. This program has the same income limits as the FHLB program.

The last program is the NSP program and this program provides from $14,500 that is forgiven after 5 years or $22,000 down payment assistance that is forgiven after 10 years. Must be first time home buyer and fall within the income requirements. This program has higher income limits, but you must buy their homes. NSP buys foreclosed homes and makes repairs and are in usually excellent shape by the time all the work is done. At that point, they are put on the market to sell. See my NSP blog for more details.  

It is easy to apply so please contact us today and we can provide you with more detailed information and help you get started.

Search all homes in the FMLS and GAMLS

Mark services the following Northeast Atlanta cities: Alpharetta, Roswell, Milton, Woodstock, Dunwoody, Suwanee, Buford, Duluth, Dacula, Grayson and Lawrenceville Georgia.

About the Author: The above Real Estate information on 2013 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers was provided by Mark Mitchell. Mark can be reached via e-correspondence at mark@markmitchellhomes.com or by phone at 404-353-0185. Also visit www.johnscreek-homes.net

Copyright © By Mark Mitchell 2013 * 2013 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers *

Comments (7)

Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services
Informative article Mark. This 2013 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers is a big help for buyers who has a good standing credit but may be lucking the total funds for a downpayment.  Thank you for sharing and keep up the good work!
Apr 13, 2013 07:08 PM
Erika Rogers
Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT
St George Utah Real Estate & Relocation Specialist
Great blog that discusess in details the 2013 FHLB $5,000 Down Payment Assistance Program for Buyers In GA. Thank you for providing such information Mark. All the best!
Apr 17, 2013 08:36 PM
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale
Clear, precise and easy to understand post Mark. This will definitely help potential first time buyers to obtain their dream home through this program. Good job!
Apr 17, 2013 08:43 PM
Melissa Muse Wiggans
Real Estate Muses - San Antonio, TX
CRS, GRI, ABR - Real Estate Muses
Hi Mark, thank you for sharing the highlights for the downpayment assistance program. It will help better understand the PROS of this helpful program. Excellent work.
Apr 17, 2013 08:52 PM
Waynette Hoover Araj
Keller Williams Realty - Asheboro, NC
Connecting your Dreams with the Right Real Estate
Hello Mark, this very good news for potential buyers in GA out there. I sure hope they take advantage of this opportunity.
May 04, 2013 11:12 AM
Pat and Ed Okenica
DRAKE REALTY Lake Oconee Ga - Greensboro, GA
Lake Oconee Ga Real Estate
Good job for a well presented article that discusses 2013 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers. This will surely be a great help and assistance to potential buyers out there. Thank you for sharing Mark and stay the most reliable Johns Creek, GA Real Estate Specialist.
May 09, 2013 01:56 AM
Mark Mitchell
Virtual Properties Realty - Johns Creek, GA
Realtor, Johns Creek Georgia Homes

Nestor, Erika, Petra, Melissa, Waynette and Pat thanks for the comments and yes there is still free money out there....all you have to do is ask for it:) Seriously, this is a very good program as it is not a government program, but an in house program that is fairly easy to do.


May 20, 2013 12:40 PM