FEDERAL HOME LOAN BANK OF ATLANTA
HOMEBUYER ASSISTANCE PROGRAM

The Federal Home Loan Bank of Atlanta has a program available for first-time homebuyers that can help with down payment and closing costs.  The definition of a first-time homebuyer is that they cannot have owned a home in the last three years.  The homebuyer must complete a homebuyer counseling program and must be the owner-occupant of the home purchased with this assistance.  The first mortgage must be with the Federal Home Loan Bank of Atlanta lender.

This program is not restricted to Fairfax County residents, but has the same maximum household income limits as the Fairfax County First-time Homebuyer program:

Each dollar that a homebuyer saves will be matched by five dollars, with the limit that the maximum amount that will be awarded from this grant is $10,000.   The homebuyer must have at least $500 to receive a match as cash payment for the purchase of a home.  There is a five-year retention agreement that the homebuyer would need to sign.  If they stay in the home for five years, the grant is forgiven.  If they move before five years, a portion of the grant would need to be paid back.

In order to check for a lender in your area who is participating in this program, go to the web site http://corp.fhlbatl.com.  Click on “Community Programs” on the left side of the page, then on “First-time Homebuyer Program”.  Then click on “Participating Members” on the right side.  Scroll down until the listing for Virginia shows up.  This list is updated periodically.