Thinking about buying your first home but unsure whether you can afford it? You’re not alone. For many people, the biggest hurdle isn’t finding the right house — it’s covering the upfront costs that come with getting the keys.
That’s why programs like the Federal Home Loan Bank (FHLB) Grant can make such a meaningful difference. If you’re a first‑time homebuyer (or haven’t owned a home in the past three years), you may be eligible for up to $15,000 in grant money to help cover your down payment and closing costs. For many buyers, this support can be the bridge between “someday” and “now.”
Who Qualifies?
Eligibility depends on a few key factors, and the program is designed to support buyers who need help with upfront costs. To qualify, you must:
- Not have owned a home within the last 3 years
- Meet qualified household income limits
- Have a purchase contract in place before reserving funds
- Use the home as your primary residence
The grant is typically forgivable after 60 months, and in many cases, little to no down payment is required. Grant amounts range from a minimum of $2,500 up to $15,000 total.
Funds are limited and available on a first‑come, first‑served basis until they are fully allocated.
Think you may qualify? Any of our Mortgage Loan Officers would love to chat with you:
Why This Program Matters
For most first‑time buyers, saving for a down payment is the biggest barrier. Programs like this one were created to expand access to homeownership and help buyers establish long‑term financial stability. Since the FHLB system was created in 1932 to support community lenders, these grants are a direct way to strengthen local housing markets and help more people build equity.
Getting Ready for the Homebuying Season
If you’re hoping to buy this year, completing a pre‑approval early can help you move quickly when you find a home you love. Spring often brings more listings and also more competition.
Housing market conditions can change over time, and early preparation helps you be ready when opportunities arise.
Buying your first home is a major milestone — and it’s normal to feel uncertain about the process. The FHLB Grant is simply one tool that can help make the path more affordable and more achievable. If you’re exploring your options, Core Bank’s team is here to help you understand what programs you may qualify for and what steps come next.
Loan terms and costs will vary. Rates subject to additional terms and conditions. Not a commitment to lend. Terms subject to change without notice. All loans subject to credit approval. Eligibility is determined by FHLB program rules and lender verification, and not all applicants will qualify.
