The Federal Home Loan Bank of Atlanta has partnered with financial institutions across the Southeast to create affordable housing opportunities and assistance for veterans and current military personnel.
As part of the partnership, new affordable housing program products have been created that provide funding in order for veterans, active servicemembers of any branch in the U.S. military as well as any surviving military spouses, to purchase or rehabilitate a home.
Products that FHLBank Atlanta’s is offering these individuals include Veterans Purchase Product, Veterans Foreclosure Recovery, Veterans Energy Efficiency/Weatherization, and Veterans Accessibility Rehabilitation.
These products provide funds to assist the current and former servicemembers with downpayment and closing costs, energy efficient upgrades, weatherization and safety and accessibility improvements on eligible homes.
“FHLBank Atlanta's mission is to help local financial institutions make home mortgages affordable for homebuyers,” said Robert Dozier, chief business officer for FHLBank Atlanta. “The new Veterans Products will help our military heroes purchase and maintain a home for themselves and their families.”
The Veterans Purchase Product offers up to $5,000 for downpayment, closing cost, or home improvement assistance when an existing housing unit is purchased. New construction properties that are within 30 days of closing are also eligible for this product.
Meanwhile, the Veterans Foreclosure Recovery provides a maximum of $15,000 to help a buyer acquire an REO asset from a bank’s portfolio and renovate the home.
FHLBank Atlanta’s Veterans Energy Efficiency/Weatherization product also offers up to $15,000 to improve an existing owner-occupied home. Eligible repairs include exterior doors, HVAC systems, insulation, roof, windows and low-flow plumbing fixtures.
Lastly, the Veteran Accessibility Rehabilitation gives up to $15,000 to fix exterior ramps, sidewalks, widen doors and replace floors, as well as renovate bathrooms and kitchens.
To qualify for the Veterans Products, homebuyers and homeowners must have incomes that are less than or equal to 80% of the HUD median income adjusted for family size.
Other eligible properties include owner-occupied single- to four-family properties, townhouses, condominiums and mobile homes.
Even though these products are available nationally, homebuyers can only access them through an FHLBank Atlanta member financial institution. The list of participating banks can be found at the FHLBank Atlanta
