Federal Home Loan Bank of Atlanta Announces the Opening of Its 2009 First-time Homebuyer Program Offering

/PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced yesterday that it will continue its initiatives to spur home purchases by providing potential homeowners with access to $9.9 million as part of its 2009 First-time Homebuyer Program (FHP). FHLBank Atlanta offers the matching funds through its member financial institutions for the down payment and closing costs of eligible first-time homebuyers in the Bank's district, which includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.

By participating in FHP, FHLBank Atlanta members can access up to $1 million annually and distribute matching FHP awards of up to $10,000 per household to eligible homebuyers. FHLBank Atlanta member institutions are able to access a wider customer base, originate new mortgages, and attract homebuyers into the market thanks to the available funding. The FHP offering cycle opens April 1, 2009, and continues through Dec. 31, 2009 or until the available funds are disbursed, whichever occurs first. Funds are provided to member institutions on a first-come, first-served basis, and applicants must request the funds from a member institution.

Since the program's inception in 1997, FHLBank Atlanta has contributed more than $50 million to first-time homebuyers, directly resulting in more than 8,000 families and individuals being able to purchase a home. FHLBank Atlanta estimates that for every $1 of FHP funding awarded, $17 is generated in new mortgage business for its members.

"First-time homebuyers are critical to stimulating much needed home sales in local markets. There has never been a better time for member financial institutions to participate in the First-time Homebuyer Program," said Arthur Fleming, first vice president and director of Community Investment Services, FHLBank Atlanta. "FHP funds offer a very attractive incentive for first-time homebuyers to work with FHLBank Atlanta lenders, representing a 'win-win' for both lender and homebuyer."

Individual participants receiving FHP funds must complete a homebuyer counseling program that includes educational training on the home-buying process including courses on budgeting, mortgage financing, lending laws, and home ownership fundamentals.

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