FHLB Grant Money Available
Federal Home Loan Bank (FHLB) monies are back! My trusted lenders tell me this program runs out of money often, but is extremely helpful and worth it.
FHLB Set-aside Program Overview
Must be a first-time home buyer defined as having not owned a home in 3 years
Minimum credit score 620 with an automated underwriting approval
Debt to income ratio up to 50%
Primary residences only, 1 unit only
Income limits are capped at 80% household area median income (AMI)
Website to check income limits https://cis.fhlbatl.com/regsponsor/incomecalculation
Buyer must complete a homebuyer counseling program
Buyer must contribute a $1,000 and these funds can be gifted
Buyer cannot receive more than $250 back at closing
Offers $17,500 in funds to buyer who are not Community Partners
Offers $20,000 for buyers that are Community Partners defined as buyers employed in or retired from any of the following professions: enforcement officers, educators, health care workers, firefighters, other first responders; veterans and active duty-military or their surviving spouse
Community Partner buyers do not need to be a first-time buyer but still must contribute the $1,000 minimum contribution
Funds are forgivable after 5 years, 20% forgiven each year
Non-occupant co-borrowers allowed
FHLB Workforce Housing Plus+
Buyer does not have to be a first-time buyer but cannot own a home at the time of closing
Minimum credit score of 620 with an automated underwriting approval
Debt to income ratio up to 50%
Primary residences only, 1 unit only
Income limits are capped at 80.01%-120% household area median income (AMI)
Website to check income limits https://cis.fhlbatl.com/regsponsor/incomecalculation
Buyer must contribute a $1,000 and these funds can be gifted
Buyer cannot receive more than $250 back at closing
Offers $15,000 to any buyer
True grant with no retention period
Non-occupant co-borrowers allowed
Not all lenders have access to all grants. Here is a professional lender I know that works with this particular program. Feel free to reach out to myself or this lender if you are interested in seeing how these programs will help you get your new home.
LENDER:
Alicia Harkowa
Senior Home Loan Consultant NMLS# 698954
www.loansbyalicia.com
Licensed In MD, DE, VA, PA, DC, FL
aharkowa@mainstreethl.com 443-250-5489