Down Payment Assistance

Down Payment Assistance (DPA)

Understanding Down Payment

When buying a house, you’ll most likely have to make a down payment, which is the amount you’re not financing with a mortgage.

A home down payment is simply part of a home’s purchase price, you pay upfront and does not come from a mortgage lender via a loan. Mortgage loans require the homebuyer to pay a portion of the home purchase price at closing. This "down payment" amount varies based on the lender and the loan product you select (FHA, VA, Conventional, or a lender's in-house loan, typically called a "portfolio product").

DPA programs can be administered by a local or state housing authority, a nonprofit organization, or directly through your lender. They provide a set amount of money to qualified homebuyers. Homebuyers, who meet the program qualifications and requirements, can use the funds to cover their down payment or closing costs.

The First-time Homebuyer Product offers up to $17,500.00

With FHLBank Atlanta's First-time Homebuyer Product (FHP), members can expand their reach into the first-time homebuyer market, originate new mortgages, and help their customers close. First-time homebuyers can use these funds to help cover closing costs and down payments.

The Community Partner Product offers  up to $20,000.00

Members can grow their customer base and mortgage originations while supporting those vital members of the community who help others for a living. Community Partners provides home purchase assistance to current or retired law enforcement officers, educators, health care workers, firefighters, and other first responders; veterans or active-duty members of the U.S. military or their surviving spouse; and COVID-related essential workers. Both first-time homebuyers and non-first-time homebuyers may be eligible.

The Workforce Housing Plus Program offers up to $15,000.00

Prospective families and individuals who qualify as first-time and non-first-time homebuyers with incomes between 80.01 percent to 120 percent of area median income (AMI) are eligible to apply and receive up to $15,000 in funding. Homebuyers must contribute a minimum of $1,000 of their funds to purchase their home with zero cash back at the closing table and participate in a pre-purchase financial literacy counseling session.

Additional DPA Programs

• Aflac Lender Referral Program Description – As a corporate partner in community revitalization with NeighborWorks® Columbus, AFLAC has provided funds to NeighborWorks® Columbus to be awarded to AFLAC employees for the purchase of a home.

To be eligible for this employer-assisted down payment grant,

• AFLAC employees must complete the NeighborWorks® Columbus online homebuyer education,
• AFLAC employees who choose to purchase a home located in a NeighborWorks® Columbus revitalization neighborhood (East Wynnton and Beallwood) receive a grant award of $5,000.00.
• AFLAC employees who purchase a home not located in a NeighborWorks® Columbus neighborhood receive a grant of $1,000.00.
• The funds will be disbursed at closing and must not be repaid. Since these funds are gift funds, no lien will be placed on the property.

Hallock Soldiers Fund Down Payment Assistance - Through the Hallock Soldiers Fund grant, NeighborWorks® Columbus will provide potential homeowners with a deferred payment subordinate mortgage for a down payment, closing costs, and prepaid expenses associated with their home purchase up to $5,000.

Eligible borrowers include any man or woman who has served in the past or is currently serving in the Armed Services. Participants are required to attend an 8-hour homebuyer education class by a HUD-approved counseling agency. This program is for first-time homebuyers only.