By: Courtney Efird, Ameris Bank, NMLS#: 659400
Are you looking to start the home buying process?
Ameris Bank is proud to partner with many state and county government agencies to provide down payment assistance in the form of forgivable or repayable grants or forgivable or repayable second mortgages.
A forgivable grant or second mortgage means that the down payment assistance funds are forgiven over a predetermined length of time you own the home. One agency in particular we work with closely is the Federal Home Loan Bank of Atlanta. Their grant funds are released in the 1st quarter of the year and a specific amount is allotted to each participating bank. The money can be used until it runs out, so in this real estate market it is better to act fast!
Below are two of their offerings that can be used toward down payment or closing costs to purchase a new home.
FHLB Grants and Assistance - $7500
This program offers funds for the purchase of an existing unit by a first time homebuyer (not having owned a home or lived in the home they own in the last 3 years).
Program Highlights:
- Must be primary residence with forgivable loan options after 5 years
- Homebuyer counseling required
- Grant funds can be used for down payment and closing costs
- Household income limits may apply
FHLB Community Partners - $10,000
We offer a unique financial opportunity for current or retired law enforcement officers, educators, health care workers, firefighters and other first responders as well as employees of these accredited institutions.
Program Highlights:
- Maximum assistance is $10,000, homebuyer must contribute at least $1,000
- Eligible homebuyers include veterans and active-duty military, or their surviving spouse, essential workers, law enforcement officers, educators, healthcare workers, firefighters or any other first responders
- Eligible for primary residence purchases
- Income limits apply
- Homebuyer education course required
This is an amazing opportunity to help you get in to the house or your dreams, but funds are limited so don't delay. Click here to find out if you qualify.