“Welcome Home” grant program opens this year on March 1st at 8 am and offers up to $5,000 for low and moderate income home buyers in Ohio and Kentucky. The grant can be used for down payment assistance and/or closing cost assistance for qualifying home buyers.
The “Welcome Home” grant is a program offered by the Federal Home loan Bank of Cincinnati through its participating Lenders. 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:
- Only an authorized lender can offer Welcome Home Funds when financing your purchase
- Buyers must meet income guidelines. In Central Ohio income limits are $55,680 for a 1-2 person household and $64,032 for a household of 3+ See additional locations here: County Income limits
- Must be in contract on property (grant application is property specific and can't 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: FHA, VA and our CHAMP No MI 5% down program.
- Property Type of Single Family, Condominium, 2-4 unit property
- Not limited to First Time Home Buyer (Can't own home at the time of closing)
- First Time Home Buyer must complete a home buyers education class
- Borrower cannot get any money back at closing (Not even earnest money or pro-rated taxes)
- Not available for homes in need of significant repair
- First time buyers may also qualify for an additional annual tax credit program of up to $2,000/ year
Updates aavailable at: https://www.facebook.com/WelcomeHomeOhio/
Home buyers can complete an online loan application at www.6145713554.com
Brent Diebert NMLS 461421 Call/Text 614-571-3554 or Brent@614-571-3554.com