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FHLB Community Stability Program
Federal Home Loan Bank (FHLB)
http://corp.fhlbatl.com

Contact


Federal Home Loan Bank of Atlanta
1475 Peachtree St., NE
Atlanta Georgia 30309
1-800-536-9650, option 3, option 3


http://corp.fhlbatl.com/Set-aside



Program Overview


FHLB Community Stability Program is a product that provides up to $5,000 in down-payment and closing-cost funding to all income-eligible homebuyers for the purchase or purchase/rehabilitation of an existing home in neighborhoods targeted for stabilization by a government or special district or authority. Potentially, all locations in Maryland neighborhoods targeted for stabilization by a government or special district or authority are eligible.


Property Eligibility Requirements


Home must be located in a neighborhood targeted for stabilization by a federal, state, or local government entity or any special district or authority. Example entities include: State, county, and city governments, Development authorities, Water districts. http://www.fhlbatl.com/docs/cis/community-target-areas.pdf



Allowable property types: Owner-occupied 1-4 family properties, townhouses, condominiums, cooperatives, foreclosed properties, manufactured and mobile housing, new construction (within 30 days of closing)


Benefit Details


Qualified lenders in Maryland include: Advance Bank; Hamilton Federal; Presidential Bank; Severn Savings Bank; Columbia Bank; First United Bank & Trust; First Mariner Bank; Madison Square Bank; OBA Bank; Damascus Community Bank; Eastern Savings Bank; State Employees Credit Union of Maryland. The program provides matching funds of up to $5,000 per household. Funding is provided as a 4:1 match.

Benefit: Up to $5,000 in down-payment and closing-cost funding is available to all income-eligible homebuyers for the purchase or purchase/rehabilitation of an existing home in neighborhoods targeted for stabilization. FHP funds are subject to 5-year retention agreements to ensure that the properties are retained as affordable housing.
Loan Term:5 years years
Homebuyer Counseling /
Education Required:
Yes
Owner Occupancy Required:Yes
Other Program Comments:Funds are allocated annually and are available on a first-come, first-serve basis until they are no longer available for that given year or funding cycle.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.



For more information about this and other homebuyer programs please contact one of the following:

Workforce Housing Certified REALTOR®

 

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