The Welcome Home Program
About the Welcome Home Program
- Designed to assist low-to-moderate-income buyers achieve home ownership
- Buyer must contribute at least $500 of their own funds toward the down payment/closing costs
- Property must be used as primary residence: purchase or new construction
- Buyer DOES NOT have to be a first time home buyer to be eligible for the grant
- Program starts March 1 and ends when grant funding is exhausted
What is the Welcome Home Program?
The Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) offers grants of up to $25,000 for honorably discharged veterans, surviving spouses of military personnel, and active-duty military homebuyers and up to $20,000 for all other homebuyers to assist with down payment and closing costs for income eligible homebuyers through the Welcome Home Program (WHP). Homebuyers must apply and qualify for a mortgage loan with one of our Member financial institutions to utilize the grant. As a member of the Federal Home Loan Bank of Cincinnati, Hometown Bank can offer Welcome Home grants worth up to $20,000 which must be applied toward the buyer’s down payment/closing costs. For more program details, click here.
Am I an eligible homebuyer?
A homebuyer 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 homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,
- If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing. Note: Applicants do not have to be first-time homebuyers.
Is the property I’m purchasing eligible?
A property would be eligible if all of the following guidelines are met:
- The property will be the homebuyer’s primary residence;
- The property is a single family, townhome, 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 Deed or as a Declaration of Restrictive Covenants to the 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?
Homebuyers must apply with one of our member institutions. Click here to search our Member Directory.
Funds will be available for reservation on a first-come, first-served basis beginning at 8:00 a.m. ET on March 1, and will remain available until all funds have been reserved.
For more information, reach out to a Hometown Bank Mortgage Lender or download the flyer here! Don’t miss this amazing opportunity!
Questions?
Do I have to be a first time homebuyer to qualify?
No, anyone who meets the income requirements qualifies regardless of previous home ownership! For more on the income guidelines, contact your Mortgage Lender today!
When does the program start? How long does it last?
The Welcome Home program starts March 1, 2024 and runs until the total funding pool is gone. Because the program is first-come, first-served, it is important to get prequalified and registered as soon as you can, so that you don’t miss the funding window.