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
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