FHLBank Atlanta offering veterans $15K for mortgage down payment
U.S. military members who are currently serving, or previously served overseas now have the opportunity to obtain up to a $15,000 down payment benefit from new housing programs launched by the Federal Home Loan Bank of Atlanta.
The affordable housing products offered include the Veterans Purchase Product, the Veterans Foreclosure Recovery program, the Veterans Energy Efficiency/Weatherization office and the Veterans Accessibility Rehabilitation.
Veterans who qualify can obtain funds for a down payment on a home purchase or a chance to pay for the rehabilitation of an existing home.
FHLBank says products are offered nationally, but homebuyers can only access veteran's products through an FHLBank Atlanta member bank. The Atlanta metro area housing market is currently suffering through the worst part of its downturn. The city is experiencing a year-over-year home price decline of 17.3%, according to a recent S&P/Case-Shiller house price release.
Qualifying veterans must have incomes lower than or equal to 80% of the HUD median income adjusted for family size to acquire the benefits.
"FHLBank Atlanta's mission is to help local financial institutions make home mortgages affordable for homebuyers," said Robert Dozier, chief business officer of FHLBank Atlanta. "The new veterans products will help our military heroes purchase and maintain a home for themselves and their families."