Welcome Home Program Information
Information for Homebuyers
Welcome Home Program
The Federal Home Loan Bank of Cincinnati (FHLB) offers grants of up to $5,000 to assist with down payment and closing costs for income eligible home-buyers through the Welcome Home Program (WHP). Home-buyers must apply and qualify for a mortgage loan to utilize the grant.
Who are Eligible Home-buyers?
A home-buyer would be eligible for the Welcome Home grant if all of the following guidelines are met:
- The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
- A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
- The home-buyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,
- If a first-time home-buyer (typically anyone who has not owned a home in the last three years), a satisfactory home-buyer counseling course is completed prior to the loan closing. Note: Applicants do not have to be first-time home-buyers.
What is an Eligible Property?
- A property would be eligible if all of the following guidelines are met:
- The property will be the home-buyer’s primary residence;
- The property is a single family, town-home,condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and,
- The property is subject to a legally enforceable five-year retention mechanism, included in the Warranty Deed or as a Declaration of Restrictive Covenants to the Warranty Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.
How Do I Apply?
For more information on the program please contact us at Clifton 931-676-3311, Hohenwald 931-796-3777 or Waynesboro 931-722-3608.
Income limits for Welcome Home and DRP for 2018 can be found here.