FHLBA First Time Homebuyer Product
How much assistance
Up to $17,500 in home purchase assistance for down payment and closing costs (Forgivable Loan)
Fully forgiven after 5 years of owner-occupancy. Must remain in the home as primary residence for at least 5 years. Full repayment required if home is sold or no longer primary residence before 5-year retention period.
Eligibility
- Income limits: Household income at or below 80% of county area median income (AMI) or state median family income, whichever is higher
- First-time buyer required: Yes — Has not owned a home in the past 3 years
- Homebuyer education required: No
Notes
Administered by Federal Home Loan Bank of Atlanta (FHLBA), a government-sponsored enterprise created by Congress. Available statewide through participating FHLBA member lenders — not limited to any single institution. FHLBA allocates funds annually ($120 million for affordable housing in 2026) and distributes on first-come, first-served basis. Each participating lender receives a limited allocation ($500,000-$750,000 per offering period). Buyer must contribute minimum $1,000 toward down payment and closing costs. FHLBA district covers NC, SC, AL, FL, GA, MD, VA, and DC. Note: At SECU specifically, this grant cannot be combined with SECU's own First-Time Homebuyer's Mortgage Program — but that is a lender-specific restriction, not program-wide.