Ohio Valley Bank lenders are currently accepting applications for the Welcome Home Program.
Through the Welcome Home Program, the Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) offers grants of up to $15,000 for honorably discharged veterans, surviving spouses of military personnel and active duty military homebuyers to assist with both down payment and closing costs. In addition, the program offers up to $10,000 for other income eligible homebuyers.
According to the FHLB Cincinnati, homebuyers are eligible if they meet the following requirements:
- The total income for all residents who will reside within the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located.
- A fully executed purchase contract, signed by both the buyer and seller, on an eligible property is in hand.
- The homebuyer has at least $500 of their own funds to contribute towards both down payment and closing costs.
- If a satisfactory homebuyer counseling course is completed prior to loan closing. (Applicants do not have to be first-time homebuyers.)
For information on what properties are eligible through the program, click here.
Welcome Home Program funds are available on a first-come, first-serve basis. To apply, contact your favorite OVB lender or call 800-468-6682.