Do you need assistance with your Down Payment or Closing Costs on a Home? This Program May Be A Great Option for You!
* Up to $5000 per household/home
* Franklin and surrounding counties
* Home buyer must contribute $500 of their own money
* Program not limited to first time home buyers
* Grants subject to retention agreements- 5 yrs
In order to receive Welcome Home funding, the following requirements must be met:
- Funds must be used to assist households whose incomes are at or below 80% of the Mortgage Revenue Bond (MRB) income limits, as adopted by the appropriate state housing finance agency, adjusted for family size. MRB limits for KY, OH, and TN are available at www.fhlbcin.com. Please note that 2012 MRB limits will be used until the 2013 MRB limits are published by the respective state housing finance agencies.
- Welcome Home funds are intended only for homebuyers who would qualify for the first mortgage based on their current income. Co-signors and co-borrowers are not allowed unless they will occupy the home as their primary residence and their incomes are included in determining eligibility.
- The Member who reserves the Welcome Home funds must originate the first mortgage, but may close in the name of a third party.
- Homebuyers must contribute at least $500 of their own funds toward down payment and closing costs (60% of these funds may be received as a gift).