ATLANTA — CDC Federal Credit Union has announced its new initiative to help more people obtain the American Dream of owning their own home called the CDC Homebuyer Grant Program.
The FHP aims to take some of the sting out of the closing costs associated with buying a home. It was made possible through a partnership with the Atlanta Federal Home Loan Bank.
Georgia citizens who do not exceed 80% of the Housing and Urban Development Median Income, which is currently $55,400 for individuals and higher limits for larger family sizes, are eligible for the program. The grant provides up to $5,000 in forgivable funds on a 5-to-1 match in grant money towards down payment costs, closing costs, or prepaid items associated with the closing.
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The grant is exempt over a 5-year period (20% per year) if the buyer retains the home as a primary residence, and, after 5 years, the grant is cleared entirely. CDC FCU will administer the grants from a pool of funds made available by the FHLB. Up to $400,000 in funding has been allocated for this program, and will be distributed on a first-come, first-serve basis.
This particular grant can be combined with other beneficial loan options, such as the Department of Community Affairs' Georgia Dream 100% First Mortgage, the Dream Second Mortgage, and other grants offered by the respective housing authority where the home is located.
"The program offers assistance to first-time homebuyers looking for a distinctive plan which assists with their financial needs," CDC FCU President/CEO Betsy Mercier said. "We look forward to offering another valuable option in mortgage lending for the communities we serve."
CDC FCU holds $162.5 million in assets and has 15,229 members.
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