Its time again for the annual “Welcome Home” grant program. The program opens this year on March 1st at 8 am and offers up to $5,000 for low and moderate income homebuyers in Ohio and Kentucky. The grant can be used for down payment assistance and/or closing cost assistance for the purchase.
The “Welcome Home” grant is a program offered by the Federal Home loan Bank of Cincinnati through its participating institutions. Each institution receives $200,000 to offer as grant assistance. Since the funds are available on a First Come /First Serve basis it is highly recommended that preparations be made prior to March 1st when possible.
Things to Know:
Buyers must meet income guidelines. In Central Ohio income limits are $56,800 for a 1-2 person household and $65,320 for a household of 3+ County Income limits
Must be in contract on property (grant application is property specific and can not be transferred)
You must have a signed loan application with an authorized lender Start Here
Buyer must have $500 of their own funds for the transaction but $300 of that amount can be a gift
Available with most loan types: Conventional, FHA, VA and our CHAMP No MI 5% down program.
Property Type of Single Family, Condominium, 2-4 unit property
Not required to be a first time homebuyer (Can't currently own home)
First time homebuyers must complete a homebuyers education class
Borrower can't get any money back at closing (Not even earnest money)
Not available for homes in need of significant repair
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First time buyers may also qualify for an annual tax credit program of up to $2,000/ year which I offer
Homebuyers can complete an online application at www.6145713554.com
Brent Diebert NMLS 461421
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