The First Time Home Buyers Grant

The First Time Home Buyers Grant Program (FHLB)

Equity First Realty®, in conjunction with the Federal Home Loan Bank (FHLB) of Atlanta, is pleased to announce the 2014 offering of its popular First Time Home Buyer Program (FHP) in the Commonwealth of Virginia and the State of Maryland. FHLB grants are offered through exclusive partnership arrangements with financial member institutions. This program is only available through member banks of the Federal Home Loan Bank (FHLB) system.

Contact Equity First Realty® for a list of participating Virginia and Maryland banks.

Unlike the tax credits that home buyers enjoyed in 2010, FHLB provides matching funds for down payment and closing cost for eligible and qualified first-time home buyers purchasing a home in Virginia and Maryland. It is not a rebate or credit to first-time home buyers after purchase.

FHLB sets aside up to 35 percent of its annual Affordable Housing Program funds for the FHP. Funds are available from January 25, 2014 through December 31, 2014 or until the set-aside has been exhausted. FHLB funds are disbursed on a first-come, first-serve home buyer basis.

The maximum FHLB grant for 2012 is $5,000 per household – which requires only a $1,000 contribution from the purchaser! That is far less than the minimum FHA cash requirement of 3.5% as instituted in 2008.

Individual participants receiving FHLB funds must complete a home buyer counseling class which includes such information as:

  • Educational training on the home buying process
  • Budgeting
  • Mortgage financing
  • Lending laws
  • Homeownership fundamentals

But hurry… classes fill up fast!

Take advantage of this fantastic opportunity to purchase your first home for less than the FHA minimum cash requirement of 3.5% down!

Contact Equity First Realty® for more information.

Equity First Realty® looks forward to helping you find your new home in Virginia, so contact us. We will be glad to be of assistance.