Welcome Home Funds
*The Following info is believed to be true but is subject to change. Banks and lenders make the final decision on approvals. The following info is meant as a guideline.
The Welcome Home Program is provided through the Federal Home Loan Bank. Welcome Home includes a limited number of grants up to $10,000 each for qualified buyers and $15,000 for qualifying US Veterans beginning February 6. The grants can be used toward down payments and closing costs for buyers who meet certain income requirements.
Here’s a little bit about the grant:
- Single-family, townhouse, condominiums & duplex housing is eligible; some manufactured housing is eligible.
- Welcome Home Grant funds can be used with FHA, USDA, VA, and conventional and portfolio loan products that allow gift funds.
- Total household income must be at or below 80% of Mortgage Revenue Bond (MRB) income limits.
- Must have signed, accepted sales contract and signed mortgage loan application.
- Buyer does not have to be a first-time home buyer to qualify; first-time home buyers must complete a homebuyer counseling program.
- Honorably discharged veterans and active duty military personnel may qualify for up to $15,000.
- You must use at least $500 of your own funds toward the down payment or closing costs (60% of these funds may be received as a gift).
- Buyers must live in the home for at least 5 years. If not, when the home is sold, Welcome Home will prorate the funds that must be paid back.
- Welcome Home funds will be available beginning at 8 AM, ET Monday, February 6 and will remain available until all funds have been depleted.