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FHLBank Atlanta First-time Homebuyer Product (FHP)

Federal Home Loan Bank of Atlanta · South Carolina

Last verified
See what you qualify forOfficial program site →
Assistance

$17,500

The maximum the program publishes — not an offer

Income limit

80% AMI

Of area median income; varies by county and household size

Repayment

Grant

Not repaid

What is FHLBank Atlanta First-time Homebuyer Product (FHP)?

FHLBank Atlanta First-time Homebuyer Product (FHP) is a grant for homebuyers in South Carolina, administered by Federal Home Loan Bank of Atlanta.

  • FHLBank Atlanta's First-time Homebuyer Product (FHP) provides up to $17,500 in funds for down payments, closing costs, and principal reduction for first-time homebuyers. The grant is funded by FHLBank Atlanta member financial institutions in Alabama, DC, FL, GA, MD, NC, SC, and VA. Income must be at or below 80% of the county AMI. Funds are available on a first-come, first-served basis through participating member lenders.
  • Up to $17,500 grant (no repayment).
  • Statewide through FHLBank member lenders.
  • First-come first-served per member institution.
  • Stackable with other assistance in most cases.
  • This is a federal program, so it is available beyond a single state or city.
  • Funding comes from FHLBank Atlanta AHP Homeownership Set-aside (2025: $40M pool).

How much assistance does it provide?

FHLBank Atlanta First-time Homebuyer Product (FHP) offers up to $17,500 in assistance.

  • Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of Atlanta determines any individual award.

Do you have to pay it back?

FHLBank Atlanta First-time Homebuyer Product (FHP) is structured as a grant, so it is not repaid.

  • Repayment is triggered by None — outright grant, no repayment required.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

FHLBank Atlanta First-time Homebuyer Product (FHP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • A completed homebuyer education course, through HUD-approved or FHLB Atlanta designated homebuyer counseling provider
  • DRAFT (dpa-gap-finder 2026-06-13): pending review. Must apply through FHLBank Atlanta member financial institution — individual homebuyers cannot apply directly. Funds allocated per member up to $750,000/institution. 2025 program has $40M total statewide pool across multiple states. Income limits use HUD county AMI published annually. Concurrent loan restrictions: confirm with member lender. Distinct from the Community Partners Product (separate program).

The program excludes

  • Manufactured homes
  • New construction
  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

FHLBank Atlanta First-time Homebuyer Product (FHP) limits household income to 80% of the area median income, which varies by county and household size.

  • Household income at or below 80% of county area median income (or state median family income, whichever is higher), adjusted for family size, per annual HUD publication.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

FHLBank Atlanta First-time Homebuyer Product (FHP) caps the purchase price as follows: Not specified — must be primary residence.

  • Eligible property types include Single Family, Townhouse, Condo, and 2-4 Unit.
  • New construction is not eligible.
  • Manufactured homes are not eligible.

Where does it apply?

FHLBank Atlanta First-time Homebuyer Product (FHP) is a federal program, so it is not limited to South Carolina.

How do you apply?

Applications for FHLBank Atlanta First-time Homebuyer Product (FHP) go through Federal Home Loan Bank of Atlanta, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through HUD-approved or FHLB Atlanta designated homebuyer counseling provider.

  2. Contact Federal Home Loan Bank of Atlanta to reserve funds

    Funds are reserved with the provider and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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