Available March 3, 2025! The Welcome Home Program (WHP) offers grants to fund reasonable down payments and closing costs for low- and moderate-income home buyers. As a member of the FHLB Cincinnati, The Cecilian Bank can offer Welcome Home grants worth up to $20,000 for all home buyers. Read on for more information!
Welcome Home Program
Who are Eligible Homebuyers?
A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met:
- The total income for all occupants who will reside in 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 (signed by buyer and seller) purchase contract on an eligible property is in hand;
- The homebuyer has at least $500 of their own funds to contribute towards the down payment and/or closing costs; and
- If a first-time homebuyer (typically anyone who has not owned a home in the last three years), satisfactory homebuyer counseling
What is an Eligible Property?
A property would be eligible if all of the following guidelines are met:
- The property will be the homebuyer’s primary residence;
- The property is a single-family, townhome, condominium, duplex, multi-unit (up to four family units), or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate, affixed to a permanent foundation, and Energy Star certified); and,
- The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati to be given notice of any refinancing, sale, foreclosure, deed in lieu of foreclosure, or change in ownership during the five-year retention period.
The Process
- Homebuyer executes a purchase contract on an eligible property.
- Homebuyer completes a mortgage loan application with The Cecilian Bank.
- Loan officer determines loan eligibility and submits an online reservation request to the FHLB.
- FHLB reviews the request and issues an approval letter. This process may take as long as four weeks.
- The Cecilian Bank closes the loan and records the retention language in the warranty deed.
How do I Apply?
Contact one of our expert loan officers for more information. You may also apply for your mortgage online; a loan officer will let you know if you are eligible for the Welcome Home Program.