Affordable Housing Program
Let us help you get into your new home.
Homeownership is a major milestone that should be accessible to all of us. That's why we're offering up to $10,000 in home assistance for first-time and community hero homebuyers.†
- Community hero homebuyers can receive up to $10,000.
- First-time homebuyers can receive up to $7,500.
- Funds can be used toward the loan's principal balance, down payment, or closing costs.
- Available with Conventional Fixed-Rate, FHA, Condo, Construction, ARM, VA Home, No Closing Costs, and No Down Payment Loans.
When you’re ready, apply for an affordable SCCU home loan and ask about our housing assistance grants.
In addition to meeting income eligibility requirements, the homebuyer must:
Contribute at least $1,000 toward the purchase of the home.
Occupy the home as a primary residence for at least five years.
Complete a homebuyer education and financial literacy course specified by FHLBank Atlanta.
†First-time Homebuyer and Community Partners Product is a product of the Federal Home Loan Bank of Atlanta. Household income restrictions and other requirements apply. First-time Homebuyers are defined by the HUD HOC Reference Guide, which includes recovering victims of catastrophic loss or natural disasters. Community partners/heroes include current or retired law enforcement officers; educators; healthcare workers; firefighters; other first responders; veterans, active-duty military, their surviving spouse; and COVID-related essential workers.
Funds are available while they last and can be used with Conventional Fixed-Rate, FHA, Condo, Construction, ARM, VA Home, No Closing Costs, and No Down Payment Loans. The program can be withdrawn at any time. Normal Space Coast Credit Union credit approval, verification, and collateral evaluation apply. Programs, offers, rates, terms, and conditions are subject to change or cancellation without notice. Certain restrictions apply. See loan products for more details.
At the time of application submission and at closing, the homebuyer or the homeowner’s household must have incomes at or below 80% of the county area’s annual median income, or Florida's median family income, adjusted for family size as published by HUD (whichever is higher). The borrower must contribute a minimum of $1,000 toward eligible product transactions and cannot receive more than $250 cash back at closing. Homebuyer/homeowner must be the owner-occupant of the home purchased and/or rehabilitated with AHP Homeownership Set-aside Program funds and occupy the property for five years. Failure to occupy the property for five years could result in the recapture of funds on a pro-rata basis. In addition, homebuyer/homeowner must complete a counseling program provided by an FHLBank Atlanta designated counseling provider and sign an AHP Homeownership Set-aside note and security instrument.
Additional requirements apply. Please see Federal Home Loan Bank’s Affordable Housing Program Implementation Plan for more information at ahp-implementation-plan.pdf (fhlbatl.com) for complete product requirements.