GRANT PROGRAM FROM THE FEDERAL HOME LOAN BANK OF CINCINNATI
here's what you need to know
The FHLB Cincinnati offers grants of up to $25,000 for honorably discharged veterans, surviving spouses of military personnel, and active duty military homebuyers and up to $20,000 for all other homebuyers to assist with down payment and costs for income eligible homebuyers through the Welcome Home Program. Homebuyers may apply and qualify for a mortgage loan with a member financial institution, like Killbuck Savings Bank, to utilize the grant.
who are eligible homebuyers?
A homebuyer would be eligible for the Welcome Home grant if all of the guidelines are met:
- The total income for all occupants who will reside in the home is at or below 80% of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located.
- A fully executed (signed by the buyer and seller) purchase contract on eligible property is in hand.
- The homebuyer has at least $500 of their own funds to contribute towards the down payment and/or closing costs.
- And, if the first time homebuyer (typically anyone who has not owned a home in the past three years), a satisfactory homebuyer counseling course is completed prior to the loan closing.
what is an eligible property?
A property would be eligible if all of the following guidelines are met:
- The property will be the homebuyer's primary residence.
- The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home (if they are taxed as real estate and affixed to a permanent foundation).
- The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclose, deed in-lieu of foreclosure, or change in ownership during the five year retention period.
For additional information or assistance
Funds will be available for reservation on a first-come, first-served basis beginning at 8:00 a.m. ET on March 1, 2024 and will remain available until all funds have been reserved. Homebuyers must apply with a member institution. We invite you to contact one of our Killbuck Savings Bank Mortgage Lenders at 330-276-4881 for more information.