Grants That Could Make Your Mortgage More Affordable

TL;DR: Chesapeake Bank partners with FHLBank Atlanta on three homebuyer grant programs: First Time Homebuyers up to $17,500, Community Partners up to $20,000 for eligible public service workers and veterans, and Workforce Housing Plus up to $15,000. All three require a $1,000 borrower contribution and five years of primary residence.

Make your house more affordable with grant funds.

If you’re in the market to buy a new home and have been looking at houses, you know that a house qualifying as ‘affordable housing’ doesn’t always fall within your means.

This can be a challenge when the government considers housing to be affordable if payments are less than 30% of total income – still a steep hill for many.

Affordability is an issue we can help with.

WE OFFER THESE GRANT PROGRAMS TO QUALIFIED BUYERS

FHLBank Atlanta Homebuyer Grant Programs in Virginia: Amounts and Eligibility

Chesapeake Bank is a member of Federal Home Loan Bank of Atlanta, which funds three grant programs for qualified Virginia homebuyers. All three can be applied toward a down payment, closing costs, or reducing the loan principal.

Requirements that apply to all three programs

• Minimum borrower contribution: at least $1,000 of your own funds toward the purchase.
• Primary residence: you must occupy the home as your primary residence for at least five years.
• Homebuyer education: complete a homebuyer education and financial literacy course specified by FHLBank Atlanta.
• No cash back: grant funds cannot be returned to you as cash at closing.
  
  

Grant funds are limited and awarded while funding remains available. Talk to a Chesapeake Bank mortgage specialist before you make an offer, so the grant can be built into your financing from the start.

• First Time Homebuyers – This program provides qualified first-time homebuyers up to $17,500 to assist with the down payment and closing costs. To qualify, you must occupy the home for five years, contribute a minimum of $1,000 towards the purchase of the home and complete a homebuyer education and financial literacy course specified by FHLBank Atlanta.

• Community Partners – This program provides up to $20,000 for current or retired law enforcement officers, educators, firefighters, health care workers, and other first responders; veterans and active-duty members of the military or their surviving spouse; and COVID-related essential workers. To qualify, you must occupy the home for five years, contribute a minimum of $1,000 towards the purchase of the home and complete a homebuyer education and financial literacy course specified by FHLBank Atlanta.

• Workforce Housing Plus – This program provides those who meet between 80.01-120 percent of area median income (AMI) up to $15,000 in funding for a primary residence. Homebuyers must contribute a minimum of $1,000 towards the purchase of the home; receive zero cash back at the closing table; participate in a pre-purchase financial literacy counseling session specified by FHLBank Atlanta.
  

*All loans are subject for review and approval.

HOW TO APPLY

How to Apply for a Homebuyer Grant Through Chesapeake Bank

1. Talk to a Chesapeake Bank mortgage specialist before you make an offer. Grant eligibility affects how your financing is structured, so it is much easier to build in from the start than to add later.
2. Confirm which program fits. Your specialist checks income eligibility, property location, and whether you qualify under First Time Homebuyers, Community Partners, or Workforce Housing Plus.
3. Complete the required homebuyer education course specified by FHLBank Atlanta, and keep your certificate of completion.
4. Apply for the grant alongside your mortgage application. Chesapeake Bank submits the grant request to FHLBank Atlanta as part of standard underwriting.

Grant funds are awarded while funding remains available, so earlier is better.

To learn more about these programs or to apply, contact our mortgage specialists at: 877-695-8249.

*Rates are subject to change at any time and are not guaranteed until locked.

FAQs – Frequently Asked Questions