Welcome Home program for 2023.
- The new grant amount is $10,000.
- It will be available in July for buyers in Ohio and Kentucky.
- If you have clients that may be eligible for the grant, now is the time to get them pre-qualified.
The Welcome Home Program will open July 6, 2023
The FHLB is pleased to announce the Welcome Home Program (WHP) will be offered 2023 and will open at 8:00 a.m. ET July 6, 2023. The WHP offers grants to fund down payment and closing costs for low- and moderate-income homebuyers purchasing or constructing a primary residence. Grant funds will be reserved on a first-come, first-served basis until all funds have been reserved.
News for 2023:
Grant increased to $10,000 for homebuyers or $15,000 for honorably discharged veterans, active duty military, reservists, and surviving spouses of service personnel.
Below is an abbreviated list of the program guidelines:
The total income for all occupants must be at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
Homebuyers must contribute at least $500 of their own funds towards down payment and/or closing costs;
All first-time homebuyers are required to complete a homeownership counseling program;
Grant funds are intended only for homebuyers who qualify for the first mortgage based on their own merit. Co-signors and non-occupant co-borrowers are not permitted;
The maximum interest rate for the first mortgage may not exceed 11.75 percent; and,
All eligible property assisted with WHP funds is subject to a five-year retention mechanism, which may require the household to repay all or a portion of the subsidy, if the home is sold or refinanced within five years from the closing of the transaction.
This is our most widely used program, ideally suited to the needs of community lenders and their customers. Since its inception in 1998, the WHP was disbursed $182.6 million on behalf of more than 37,350 households
Please let me know if you have any questions. These funds will go FAST and I would suggest a closing date 6 weeks past July 6th as FHLB is the one that does the final approvals.
Paul Hellman Senior Loan Officer NMLS# 728154 7800 E. Kemper Rd, Suite 140 Cincinnati, OH 45249 c: (513) 314-8370 | o: (513) 510-5372 | f: (513) 510-5371 firstname.lastname@example.org
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June 5, 2023
2nd issue of Welcome Home Grant $10,000
by Stephanie Cox