Welcome Home Program
- Home buyer MUST contribute at least $500 of their own funds into the transaction. This can be earnest money, appraisal payment up front, closing costs, prepaids, etc. (60% of these funds or $300 can be received as a gift)
- If a First Time Home buyer – Home ownership counseling is required and proof of completion must be submitted.
- FHLB considers “First Time Home buyers” to be home buyers that have not owned a home in the last 3 years.
- 5 year retention period. Verbiage is included in the deed.
- Cash back is not permitted
RESERVING FUNDS:
- Funds are allocated on a “first-come, first-served” basis.
- Reservation of Funds opens at 8:00am Eastern Time on Monday, March 2nd.
- I will submit a reservation of funds at the beginning of the loan process. I will need a completed, signed and dated loan application, contract, and 2 consecutive paystubs for all occupants of the home regardless if they are on the application or not.
- Approval can take up to 4 weeks but during this time, I will be processing the loan as normal through Franklin American.
***I plan to reserve $5,000 for each eligible homebuyer. If, at the end of the process, the borrower only needs $4,000 for closing costs and prepaids, we can do a principal reduction of $1,000 or whatever is left over from the approved $5,000. ***
The Federal Home Loan Bank of Cincinnati has established a set-aside of Affordable Housing Program funds to help create home ownership through a program called the Welcome Home Program. These funds are available to members as grants to assist home buyers.
***APPLICANTS DO NOT HAVE TO BE FIRST TIME HOME BUYERS***
$7,500 limit to honorably discharged veterans or active duty military
$5,000 limit to all other homebuyers
HOMEBUYER ELIGIBILITY:
Household Income limits apply. Please see below:
Butler County:
$56,832 for 1-2 Persons
$66,304 for 3+ Persons
Warren County:
$47,360 for 1-2 Persons
$54,464 for 3+ Persons
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Welcome Home Program
Learn more about how the new Welcome Home Program can help you buy your new home