Thinking of purchasing a home in 2018 and you have the credit scores, but are short on down payment, closing costs, and or inspection money? FHLB has a first time home buyer product that provides $5,000 in down payment assistance for the purchase of a home. This money can be used for down payment and or closing costs.
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, North and South Carolina.
FHLB down payment assistance program amount is $5,000 for 2018. FHLB provides 4 to 1 matching funds for first time home buyers or for buyers that have not owned a home in three years. Home buyers must meet product eligibility and apply for funding through a participating member financial institution.
Maximum funding per household is $5,000
Funding is a 4 to 1 match
The home buyer must contribute at least $1,000
The home buyer must have income at or less than the 80% HUD income limit for the area and family size
Program is for first time home buyers or if you have not owned a home in 3 years
Buyer must occupy the property for 5 years, after 5 years the $5,000 is forgiven
Money is interest-free and every year you remain in the home, 20% of the down payment is forgiven
Earnest money and appraisal fees can count toward the buyer's required contribution
Available for homes listed for resale and new construction
The following grid below shows the maximum income to qualify for FHLB. If you make above the income for the number of people in your household we may have other down payment assistance programs that will accommodate you.
2017 80% HUD income limits will be used until HUD releases 2018 limits (Atlanta Metro)
1 person 2 person 3 person 4 person 5 person 6 person 7 person 8 person
$39,050 $44,600 $50,200 $55,700 $60,250 $64,700 $69,150 $73,600
The HUD income limit includes total household income including all people who may be working even if they are not buying the home.
Mark services the following Northeast Atlanta cities: Alpharetta, Roswell, Milton, Johns Creek, Woodstock, Dunwoody, Suwanee, Buford, Duluth, Dacula, Grayson, Sugar Hill, Snellville, Lilburn and Lawrenceville Georgia.
About the Author: The above Real Estate information on 2018 FHLB $5,000 Down Payment Assistance Program For Buyers in Gwinnett County was provided by Mark Mitchell. Mark can be reached via e-correspondence at email@example.com or by phone at 404-353-0185. Also, visit www.markmitchellhomes.com
Copyright © By Mark Mitchell 2018 * 2018 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers in Gwinnett County*