Down Payment Savings from FHLB Atlanta Bank:
Down payment and closing cost savings are available to homebuyers through two new programs. These programs are available through a number of local and national banks which are part of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) network. These two programs do NOT require you to be a first-time homebuyer.
The Foreclosure Recovery program provides up to $15,000 for the purchase, or purchase and rehabilitation, of any home within the Real Estate Owned (REO, or better known as foreclosed) inventory of an FHLB Atlanta member financial institution.
The Community Stability program provides up to $7,500 for the purchase, or purchase and rehabilitation, of an existing home located in any neighborhood which is also approved for NSP funds. FHLBank Atlanta will provide up to $7,500 in 4 to 1 matching funds (the homebuyer must contribute at least $1,000) per eligible household for down payment and closing costs. Funds are available on a first-come, first-served basis and potential homebuyers must request the funds from a participating lender. A large number of local and national banks are participating lenders.