Down Payment Assistance Program In Georgia - FHLB $5,000 For 2014

Down Payment Assistance Program In Georgia - FHLB $5,000 For 2014

One down payment assistance program in Georgia - FHLB $5,000 for 2014 may be the solution for first time homebuyers whose credit is good, but may be lacking the total funds for downpayment and or closing costs. Buying a home in 2014 market presents challenges as it is still very competitive in the Atlanta market especially for 200k and below price points as the inventory can be very low. We have investors trying to buy in the same price range as first time home buyers and as a result houses are selling very quickly because of the competition.

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 2014. 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 homebuyers.

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

The couple below received down payment assistance and this was an easy process for them. FHLB does not require applicants to attend an 8hr HUD buyer course or jump through hoops like many of the other DPA programs require you to do:)

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 prepaids

• 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.  

2014 Hud Income Limits Metro Atlanta

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

$36,050     $41,200      $46,350     $51,500     $55,650     $59,750     $63,900       $68,000

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, meaning everyone who is working in the home.

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. GA Dream has higher income limits. 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.

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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 informationon Down Payment Assistance In Georgia - FHLB $5,000 2014 was provided by Mark Mitchell. Mark can be reached via e-correspondence at mark@markmitchellhomes.com or by phone at 404-353-0185. Also visitwww.johnscreek-homes.net

Copyright © By Mark Mitchell 2014 *Down Payment Assistance In Georgia - FHLB $5,000 2014*