Downpayment and Closing Cost Assistance for First-Time Homebuyers

Franklin Federal Savings Bank, in conjunction with the Federal Home Loan Bank of Atlanta, is offering grant money to qualified individuals. If your annual family income is at or below the limitations listed below* and you agree to the following, you could receive up to $7,500 as part of your down-payment or for closing costs. Here's how it works:

• You agree to live in the home for 5 years and sign 5-year retention documents.
• You agree to successfully complete a home-ownership counseling program prior to closing.
• You agree to contribute at least $1,000 of your own money towards the purchase of your home. For every $1 you contribute towards this purchase, the program will provide $4 up to a maximum of $7,500 ($1,875 required to receive full $7,500).
• You agree to obtain your mortgage from Franklin Federal Savings Bank.

*Family size and income limitations for the Richmond-Petersburg MSA. Income limits are subject to change.

1 - $41,775   2 - $47,745   3 - $53,710   4 - $59,680   5 - $64,450   6 - $69,230   7 - $74,000   8 - $78,780

Please contact a Loan Officer for more details.