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. Some of our credit union members might not know that VLFCU participates 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 $10,000; however, honorably discharged veterans, active duty military, reservists, and surviving spouses of service personnel may receive Welcome Home grants up to $15,000. Grants will be offered twice this year on a first-come, first-served basis on February 6 and July 6, until funds are depleted in both sessions.

Wondering if you qualify? First, your total household income must be at, or below, county income limits. Next, homebuyers must contribute $500 of their own money. $300 of that $500 may be a gift. Lastly, applicants do not have to be first-time homebuyers, but first-time buyers must complete a homeownership counseling program before being considered. 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.

Properties that are eligible 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.

Sound confusing? Not really. If you’ve 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’ll skillfully answer all your questions and get the pre-approval process started so you can start enjoying the home you’ve always wished for. These funds go quickly and you must be under contract to apply.

In case you can’t participate in the Welcome Home Program, we’re still here to help. We offer conventional mortgage loans, second mortgages, VA loans, and more. Visit our website 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

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