Federal Home Loan Bank of Atlanta (FHLB)

by Charlie Maykrantz 25. February 2015

New Home

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 cmaykrantz@1stmarinerbank.com 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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Infographic: Is Getting a College Education Worth It?

by Sara Seeger 24. February 2015

For some time now, obtaining a college degree has been regarded as mandatory for success in many career paths. Many jobs require a college degree to even be considered. But as college costs are creeping higher and higher, many people are wondering if the ROI is still there. Between the years and years of student debt people obtain and the high unemployment rate for recent graduates, people are asking the question: is college still worth it?

Infographic: Is Getting a College Education Worth It?
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When Should You Open Your Child's First Bank Account?

by Kelly McCready 19. February 2015

Financially Savvy Child

When should you open your child’s first bank account? Now. It’s never too early to open a bank account for your child. Never.

Expecting a baby (still in the oven)? Perfect, you’re ahead of the game. Head to the bank and open an account in your name. While doing so, simply ask for the account title to reference “Baby’s Account.”

Just became a new parent (done cooking)? Head to the bank with your child’s SSN (if you don’t have it quite yet just hang tight for a few days until you receive it), and you can open a bank account for them.

What will you need (other than child’s SSN if available)? Most banks require two forms of ID for the parent(s). Here are some examples of forms of ID: Driver’s License, Voters Registration, Passport, Major Credit Card, etc. That’s all! Well, maybe a dollar or two to get the savings started! Or, better yet, if you’ve already received savings bonds, checks, or have cash lying around in birthday cards (like I do), go ahead and bring them to deposit.

Don’t have any money to put into the account yet? No problem! Set up a direct deposit into the account from your paycheck or set up an automatic transfer from your checking account to your child’s savings account.

Now, get to the bank! (After homework’s done, dinner is made, the kitchen is clean and soccer practice is over.) If you’re still expecting, take a nap before going to the bank…you’re going to need it!

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