One of the most helpful features of both the Federal Home Loan Bank of Atlanta Workforce Housing Plusprogram and the AHP Community Partners Program is that borrowers are notrequired to be first-time homebuyers. That means a buyer may already own another property, including a rental property, and still be eligible, as long as they meet the program’s income limits and occupancy requirements for the new home. This flexibility makes these programs especially valuable for move-up buyers, workforce households relocating for employment, or borrowers transitioning from renting out a previous residence to purchasing a new primary home.
Both programs require that the new property being purchased must be owner-occupied as the borrower’s primary residence, but they do not prohibit ownership of additional realestateelsewhere. In practice, this means a borrower can keep an existing property as a rental or investment property while using Workforce Housing Plus funds (up to $15,000) or Community Partners funds (up to $20,000) toward down payment, closing costs, or principal reduction on their new home purchase.This is a sample paragraph inside of a container block. All blocks in a container block will be contained in the center of the screen. Blocks outside of a container block will be full-width. You can overwrite this message or remove this block and add another block here in its place.