Are you a first-time buyer who is looking for assistance to help with down payment and closing costs? Do you know 1st Mariner Bank can offer you a program that can help provide funds to assist with your transaction? It’s called the Federal Home Loan Bank of Atlanta (FHLB) Affordable Housing Program. This program is offered in the following geographic areas; Alabama, Georgia, District of Columbia, Florida, North Carolina, South Carolina, and Virginia. If you are military or a veteran this program is available throughout the entire 50 state area. The programs below are subject to 80% of HUD median income adjusted for household size.
There are different types of products under the umbrella of FHLB Atlanta. The following are offered by 1st Mariner:
1) First-Time Homebuyer
This program allows a loan of up to $5,000 for the purchase of an owner-occupied property with a match ratio of 4 to 1. This means, in order to receive the entire amount of $5,000, a borrower must contribute $1,250 of their own funds, and the home must be a primary residence. The initial income determination is to be made by the originating lender.
2) The Community Partners
This is an assistance program for use by firefighters, educators, law enforcement officers, or health care workers that will provide $7,500 in assistance under the same ratio parameter of 4 to 1 (to get the full amount, the buyer’s minimum cash required is $1,875).
3) Foreclosure Recovery
A loan up to $15,000 for use of down payment and closing costs for purchase of an existing unit from an FHLB Atlanta members Real Estate Owned (REO) portfolio.
4) Veterans Purchase Product
This is a $7,500 loan for closing costs and down payment for purchase. There is no required borrower contribution for this product. This is for homebuyers who are currently serving or have served in any branch of the U.S. military or their unremarried surviving spouse.
5) Returning Veterans Purchase Product
A loan up to $10,000 to be used for down payment and closing costs for purchase. There is no required borrower contribution for this product. This is for homebuyers who are currently serving or have served in an overseas military intervention for any branch of the U.S. military or their unremarried surviving spouse.
These programs are offered by 1st Mariner Bank through the Federal Home Loan Bank of Atlanta and are not guaranteed, as availability is subject to guidelines as required by FHLB Atlanta. For more information please contact Charlie Maykrantz at firstname.lastname@example.org or 410-735-2068.
The above programs are subject to change at any time and this does not constitute a guarantee on the part of 1st Mariner Bank as an obligation to offer these programs without the approval of the program administrator. All applicants must be qualified to purchase and participate in these programs per underwriting guidelines of both 1st Mariner and the program administrator.
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