The Welcome Home Program

Up to $20,000 in down payment assistance per household is available with the Welcome Home Program.

Offered by the Federal Home Loan Bank of Cincinnati (FHLB) to assist with downpayment and closing costs for eligible home buyers. The homebuyers must apply and qualify for a mortgage loan with 7 17 Credit Union in order to utilize the grant. The Welcome Home Program funds will be available for reservation on a first-come, first-served basis beginning at 8:00 a.m. EST on March 3, 2025, and will remain available until all funds have been reserved.

Eligibility:

• Total income for all occupants who will reside in the home must be at or below 80% of the Mortgage Revenue Bond Income limit for the county and state where the property is located. Income limits available at https://www.fhlbcin.com/housing-programs/welcome-home-program/welcome-home-program- homebuyer-information/.
• A complete fully-executed purchase contract on an eligible property must be received by 7 17 Credit Union before being submitted to the FHLB.
• The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs.
• If a first time homebuyer*, a satisfactory homebuyer counseling course is required prior to closing.
• Co-borrowers must occupy the home as their primary residence and their income is included in determining eligibility.

*Applicants do not have to be first-time homebuyers

What property is eligible for the program?

• Property that will be primary residence.
• Property that is a single family, townhome, or condominium. For any property with 2-4 units, 85% of the projected rent of the other units must be included in the homebuyer’s income. An appraisal or current lease must be submitted at time of funds reservation to document this income.
• Property is subject to a legally enforceable five-year retention restriction in the deed.
• Property must remain the homebuyer’s primary residence for the five year retention period.
• The FHLB reserves the right to determine whether or not a property is considered eligible.

Additional Information:

• Funds are available on a first-come first-served basis.
• Grants are available until all funds have been reserved.
• Reservations for grant money start March 3, 2025 at 8:00 a.m. EST.
• It takes 4-6 weeks for review and approval of a grant request.
• Loans cannot close until after grant approval.
• Welcome Home is not intended for any purchases requiring any significant repair or rehabilitation. If more than $500 is to be escrowed for repairs from the buyer, the property is not eligible for Welcome Home funds. If any funds are escrowed for repairs from the buyer, all repairs have to be completed by September 30, 2025 in order to be able to request funds prior to December 1, 2025.
• If Welcome Home funds have been disbursed and funds are misused or if house is sold or refinanced during the five year retention period, FHLB may recapture all or a portion of the funds pursuant to the retention language in the deed.

Speak with a 7 17 Mortgage Loan Consultant today!