The Welcome Home Fund Grant Program is Now Open
The Welcome Home Fund Grant program has $50,000.00 available to help qualified homebuyers with their down payment and/or closing fees on their new home. This program is available as a result of a partnership between the Midwest Community FCU with the Federal Home Loan Bank of Cincinnati.
These funds may be used by low and moderate-income homebuyers to fund reasonable down payments and closing costs. The maximum amount is $5,000.00. Honorably discharged veterans, active-duty military, reservists, and surviving spouses of service personnel may receive Welcome Home grants up to $7,500.00. All first-time homebuyers must complete a homebuyer counseling program and they must contribute at least $500.00 of their own funds toward the down payment and closing costs (60% of these funds may be received as a gift). All funds are set aside for certain homebuyers who are purchasing specific homes, and they cannot be transferred to other buyers or homes. The Welcome Home Grant Funds can be used with FHA, USDA, VA, Home Ready, and other Conventional products. Homebuyers must remain in the home for 5 years or prorated repayment of the grant may be required.
The Welcome Home Fund Grants can be used for all closing costs. Whatever funds are left can be used to pay down the principal balance of the loan. Applicants can use these funds even when the sellers are paying their closing costs. They can also be used in conjunction with other grant fund programs.
These grants are usually available in early spring and are first-come, first-served, but only to the extent that funds are available through the Federal Home Loan Bank. More information from the Federal Home Loan Bank of Cincinnati can be found at https://www.fhlbcin.com/community-investment.