Freedom Bank Celebrates Continued Success and Commitment to Affordable Homeownership Through FHLBank Atlanta Grants

Freedom Bank's Mortgage Division provides $405,000 year-to-date in grant funding to help individuals and families achieve the dream of homeownership

FAIRFAX, Va., July 14, 2025 /PRNewswire/ -- The Freedom Bank of Virginia's Mortgage Division is pleased to announce its continued success and unwavering commitment to expanding access to homeownership across the DC Metro area through strategic participation in Federal Home Loan Bank of Atlanta's (FHLBank Atlanta) Affordable Housing Program. As of June 30, 2025, Freedom Bank's Mortgage Division has provided $405,000 in homeownership assistance, including $180,000 in Workforce Housing Plus+ grants (a total of 12 loans and $4.7 million in loan balances) and $225,000 through the First-time Homebuyer and Community Partners programs (a total of 12 loans and $4.6 million in loan balances). Funding supports down payments and closing costs, which are often hurdles to entering the housing market.

These targeted programs are designed to help first-time and repeat homebuyers, low-to-moderate-income families, and public service professionals realize their dream of homeownership. These non-taxable grants support FHLBank Atlanta's mission of strengthening communities and helping individuals and families invest in their future and build generational wealth.

Freedom Bank Mortgage participates in the following FHLBank Atlanta programs:

• First-time Homebuyer Program which provides up to $17,500 in down-payment, closing-cost, and principal reduction assistance for the purchase of a home or purchase and rehabilitation of a home by a first-time homebuyer.
• Community Partners Program which offers up to $20,000 in down-payment, closing cost, and principal reduction assistance for the purchase or purchase and rehabilitation of a home. This program is designed specifically for law enforcement officers, educators, firefighters, health care workers, veterans and surviving spouses, and other first responders, both employed and retired.
• Workforce Housing Plus+ Program which is an initiative for borrowers earning between 80.01% and 120% of the area median income (AMI). Eligible applicants may receive up to $15,000 to assist with down payment, closing costs and principal reduction assistance for the purchase of a home or purchase and rehabilitation of a home by a first-time homebuyer or non-first-time homebuyer. Properties must be the borrower's primary residence.

"Freedom Bank's Mortgage Division is proud to partner with FHLBank Atlanta to break down financial barriers to homeownership in the communities we serve. These grants make a lasting impact, particularly for those who dedicate their lives to public service and strengthen our neighborhoods. Beyond mortgages, Freedom Bank empowers clients to achieve their goals with a comprehensive suite of financial products and services tailored to their unique needs. With experienced bankers, quick decisions, flexible solutions, innovative technology, and responsive service, we are committed to being our clients' primary relationship bank," said Richard Hutchison, Executive Vice President and Chief Mortgage Officer, Freedom Bank.

"In 2025, FHLBank Atlanta will distribute nearly $120 million for affordable housing and community development through a variety of programs, with all funding going through our members like Freedom Bank, who apply for the grants to support their communities," said Kirk Malmberg, President and CEO of FHLBank Atlanta. "Half of these funds have been allocated specifically for homeownership grants, which Freedom Bank is leveraging in an impactful way to make homeownership possible for several of its clients."

Freedom Bank's Mortgage Division invites prospective homeowners to connect with our mortgage team to learn more about qualifying for these impactful programs. With rising housing costs, these grants can provide a critical financial bridge to sustainable homeownership.

Visit the FHLBank Atlanta website for full details and eligibility requirements for the 2025 Affordable Housing Program. Funds are available on a first-come, first-served basis. Borrower contribution and credit counseling are required for most homeownership products.

About Freedom Bank

The Freedom Bank of Virginia is a next-generation community bank, headquartered in Fairfax, Virginia, offering commercial banking, personal banking, and mortgage banking solutions using banker expertise and innovative technology to build lead relationships with clients. Focusing on businesses, real estate owners, and professionals, Freedom Bank concentrates on key industry verticals to deliver unique, sector-specific solutions to help clients meet their goals and empower their dreams. Freedom Bank has locations in Fairfax, Vienna, Reston, Manassas, and Chantilly, VA. For information about Freedom Bank, visit our website at www.freedom.bank.

About FHLBank Atlanta

FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members – its shareholders and customers – are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.

Contact:
Joseph J. Thomas
President & Chief Executive Officer
Phone: 703-667-4161
Email: [email protected]

SOURCE The Freedom Bank of Virginia