First Come, First Served: An Additional $7.2 Million of Loan Assistance Funding is Available
Updated on 5/17/2023
Apply for up to $15,000 of Homeownership Set-Aside funds to help purchase a home.
The recent announcement of an additional $7.2 Million of Homeownership Set-aside funds offered by the FHLB Atlanta will allow more individuals and families the ability to achieve their homeownership goals. You may be one step closer to achieving your dreams of homeownership!
What does this mean for me, a potential homeowner/buyer?
This additional funding, provided by the Federal Home Loan Bank of Atlanta (FHLBank Atlanta), has come at a critical time given the challenges presented in the current housing market.
First-time home buyers:
BankSouth Mortgage currently offers the FHLB First-time Homebuyer Program for eligible borrowers. This program provides up to $12,500 in down payment or closing cost assistance in connection with the purchase of a home.
Any home buyer that is a qualified community partner:
BankSouth Mortgage is proud to offer this program that is available to eligible buyers such as currently employed or retired law enforcement officers, educators, firefighters, health care workers, other first responders, veterans, or their surviving spouse, and Covid-related essential workers. Community partners may or may not be first-time home buyers. The Community Partner program provides up to $15,000 in down payment or closing cost assistance in connection with the purchase of a home.
To receive these FHLB funds, individuals must meet eligibility guidelines and apply for funds through a participating lender, such as BankSouth Mortgage.
When should I apply?
The additional funding is through the FHLB First Time Homebuyer product. These funds are being offered on a first-come, first-serve basis. We recommend applying now and working with your local BankSouth Mortgage loan officer for loan pre-qualification, determining which loan option is best for you, and identifying loan assistance programs that may be available in your community.
What can these funds be used towards?
This assistance can be used towards the down payment or closing costs in connection with the purchase of a home for first-time homebuyers. If you qualify for assistance through the community partner program, the funds may also be used for non-first-time homebuyers.
If you’ve been searching for a home and are interested to find out whether or not you are eligible to apply for this or other loan assistance programs, please apply now or reach out to a BankSouth Mortgage Loan Officer today! These funds will be available on a transaction-by-transaction, first-come, first-served basis, so contact us today!
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