Who is eligible to apply?
A homebuyer would be eligible for the Welcome Home Program Grant if all 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 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 exists
- Homebuyers must contribute at least $500 of their own funds toward down payment and closing costs (60 percent of these funds may be received as a gift).
- First-time homebuyers must complete a satisfactory homebuyer counseling course prior to the loan closing
- Applicants do not have to be first-time homebuyers
A property would be eligible if all the following guidelines are met:
- It will be the homebuyer’s primary residence
- It is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or 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 this five- year retention period.
View the FHLB official guide here for more details regarding eligibility.
The Consumers Difference
Consumers National Bank is a member of the FHLB Cincinnati, and these funds are available to Consumers as grants to assist their mortgage loan applicants in the homebuying process. To get started, contact a lender below!