23 Aug 2014
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Teachers, Nurses: Homebuyer's Grant May Be Available

Teachers, Nurses: Homebuyer's Grant May Be Available

A common barrier to homeownership is the need for a down payment.  If you work in a career that helps others in the community, there may be assistance available. The Federal Home Loan Bank of Atlanta (FHLBank) has helped more than 12,000 homebuyers since 1997 by offering grants that can be used for a down payment and closing cost associated with the purchase of a new home.

Through the FHLBank Atlanta’s Community Partners program, health care workers, educators, law enforcement officers and firefighters may be eligible for up to $7,500 to assist with down payment and closing costs to buy a home. The grant is for eligible individuals and their families who work in one of these fields and are obtaining a mortgage through a participating member bank.

Nurses, teachers, firefighters, police officers and others who would like to access FHLB Atlanta’s Community Partners program must meet eligibility guidelines and request funds through a participating bank. 

Eligibility criteria include:

The home being purchased must be used as the homebuyer’s primary residence.

Homebuyers must contribute a minimum of $1,000 to the overall cost of the down payment. FHLB will match $4 for each $1 the homebuyer contributes up to a max contribution of $7,500. Therefore to receive the full $7,500 grant, the home buyer must contribute $1,875 of the down payment and closing cost. 

The homebuyer must have income that is less than or equal to 80% of the HUD median income for the area based on family size.

Grants are available for homes located in the FHLB Atlanta’s district that includes Maryland, Virginia, the District of Columbia, North Carolina, South Carolina, Georgia, Florida and Alabama.

For more information, call 1st Mariner Bank at 877-733-4411 and ask about the Community Partners program.

If you’re searching for a home to purchase in Montgomery County or anywhere in Maryland, search all homes listed for sale online at www.marylandproperties4sale.com .

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