Are you a homebuyer wishing for a place of your own? As an active member or veteran of the armed forces, are you looking to put down roots? Perhaps we can “grant” you that wish with our participation in the Welcome Home Program (WHP), offered through the Federal Home Loan Bank of Cincinnati. 

Welcome Home funds are available to our members as grants to assist homebuyers with down payments and closing costs. These funds can assist low and moderately low-income homebuyers. Homebuyer grants are limited to $20,000; however, honorably discharged veterans, active duty military, reservists, and surviving spouses of service personnel may receive Welcome Home grants up to $25,000. Grants are offered on a first-come, first-served basis starting on March 1, 2024, until funds are depleted.  

Wondering if you qualify? 

  • Your total household income must be at, or below, 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located. 
  • The homebuyer must contribute at least $500 of their own funds for down payment and/or closing costs. ($300 of the $500 may be a gift.)
  • A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand.
  • Applicants do not have to be first-time homebuyers, but first-time buyers must complete a homeownership counseling program prior to closing.
  • If your home is sold or refinanced within five years from the closing of the transaction, you may be required to repay all or a portion of the funds granted.

Eligible properties include those that have one to four units and are used as the homebuyer’s primary residence. Those with two or more units require the borrower’s income to be below county limits after the addition of 85% of the rental income. An appraisal or current lease must be submitted to document this income. A manufactured home might be eligible but requires an appraisal and HUD plate at the time of funds reservation to verify eligibility.

We are here to help!  If you have already selected a home and are ready to apply, just call Trisha Dauch, our Mortgage Lending Officer (NMLS ID: 685532), at 419.625.9025 ext. 1554. She will skillfully answer all your questions and start the pre-approval process so you can enjoy your new home sooner! These funds go quickly, and you must be under contract to apply. 

VacationLand Federal Credit Union offers a variety of home loans including conventional mortgage loans, second mortgages, VA loans, and more. Visit our mortgage page and discover how flexible and competitive we are with great rates and low down-payment options. 

VacationLand Federal Credit Union is an Equal Housing Lender. 

NMLS ID: 556003