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FHLB First-Time Homebuyer Program
Federal Home Loan Bank (FHLB)
http://corp.fhlbatl.com

Program Overview

FHLB First-Time Homebuyer Program is a program that provides low and moderate income homebuyers with up to $7500 in matching funds for downpayment and closing cost assistance from FHLB-member banks. NEXT CYCLE opens April 19, 2010, and continues through Dec. 31, 2010 or until all available funds are disbursed, whichever occurs first. Qualified lenders in Maryland include: BankAnnapolis; Advance Bank; Chesapeake Bank of Maryland; Hamilton Federal; MECU of Baltimore; Rosedale Federal S& L Assn.; Slavie Federal Savings; Presidential Bank; Columbia Bank; First United Bank & Trust; NRL Federal Credit Union; First Shore Federal; Carrollton Bank; American Bank; SunTrust; and BB&T. Potentially, all locations in Maryland are eligible. Participating lenders may have geographic or demographic restrictions.

Property Eligibility Requirements

Participating lenders may have geographic or demographic restrictions. Qualified lenders in Maryland include: BankAnnapolis; Advance Bank; Chesapeake Bank of Maryland; Hamilton Federal; MECU of Baltimore; Rosedale Federal S& L Assn.; Slavie Federal Savings; First Mariner; Ideal Federal Savings; Presidential Bank; Columbia Bank; First United Bank & Trust; First Shore Federal; K Bank; Carrollton Bank; SunTrust; and, BB&T. Allowable property types: Owner-occupied units in a single-family or multi-family building or development, including condominiums, cooperative housing and manufactured housing. The unit must be the borrower's principal residence.

Benefit Details

FHP funds are subject to 5-year retention agreements to ensure that the properties are retained as affordable housing. The program provides matching funds of up to $7500 per household. Benefit: $7500 for downpayment and/or closing costs assistance. Loan Term: 15-30 years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Funds are allocated on an annually and are available on a first-come, first-serve basis as long as they are available for that given year or funding cycle.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.