Down Payment Assistance for First-Time Home Buyers
Up to $7,500 in matching funds available.
For many first-time home buyers, the biggest obstacle to home ownership is making a down payment. Burke & Herbert Bank offers access to funding that can help you make a down payment and/or pay for the closing costs incurred on a new home. For qualified first-time home buyers: for every $1 you contribute to your home purchase, you can receive $4 in matching funds, up to $7,500.
To participate in this down payment assistance program, borrowers must:
- Contribute at least $1,000 toward your home’s purchase.
- Occupy the home as your primary residence, with no cash refinance of the property, for at least five years.
- Complete an approved home buyer education and financial literacy course specified by the Federal Home Loan Bank of Atlanta.
- Meet income eligibility requirements.*
Additional Down Payment Assistance Programs Available
We also participate in down payment assistance programs for these home buyers:
- Veterans, Active-duty Military, and National Guard Reservists Learn more
- Service Sector Employees Learn more
To learn more, visit your nearest branch or call us at 703-684-1655 and ask to speak with a Mortgage Loan Officer.
* Buyers must meet Burke & Herbert Bank’s minimum qualifying underwriting standards. Household income must be equal to or less than 80% of HUD Median Income adjusted for family size in the area where the home is being purchased. This is not a commitment to lend money.
First-time Home Buyer Product is a product of the Federal Home Loan Bank of Atlanta. Household income restrictions and other requirements apply. Funds for these programs are limited and subject to availability. Please see the opens in a new windowFederal Home Loan Bank of Atlanta’s programs for complete product requirements.