WHLG - QualificationsIt’s that time of year again where the Federal Home Loan Bank of Cincinnati (FHLB) gives away money to help achieve the American Dream of owning a home.  Starting March 2nd the FHLB began accepting registration requests for the Welcome Home grant program.

The Welcome Home grant is a non-repayable program that will allow members to reserve up to $5,000 to pay towards closing costs and down payment to purchase a home.  The grant is on a first-come-first-serve basis that requires a signed executed purchase contract in order to reserve the funds.

The grant is specific to the homebuyer and the specific property; the grant cannot be transferred to another person or property.  The grant also has income limitations depending on the county the subject property is located in.

The only stipulations to the program are that the member has to contribute at least $500 of their own money into the transaction and a 5 year retention language must be added to the deed of the home.  The retention language on the deed states that if the homeowner sells the home or refinances in the first 5 years a prorated portion of the grant money will be required to be paid back to the FHLB.

This program gives potential homebuyers the opportunity to purchase the home of their dreams!

Contact us or stop in any of our branches to receive more information.

Michelle Pyle | Mortgage Manager