Welcome Home Grants 2024

Welcome Home

The Welcome Home Program (WHP) offers grants to fund reasonable down payment and closing costs incurred in conjunction with the acquisition or construction of owner-occupied housing by low- and moderate-income homebuyers. The grants are limited to a minimum of $10,000 and up to a maximum of $25,000 for homebuyers who are honorably discharged veterans, active-duty military personnel, reservists, or surviving spouses of service personnel, and a minimum of $10,000 up to a maximum of $20,000 for all other homebuyers. All funds are reserved for specific homebuyers purchasing specific homes and cannot be transferred to other homebuyers or to other homes.

Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 a.m. ET on March 1, and will remain available until all funds have been reserved. We recommend that you make preparations as soon as possible to take advantage of this opportunity!

Homebuyer Requirements

  • Total household income must be at or below 80 percent of MRB income limits.
  • Homebuyers must contribute at least $500 of their own funds toward down payment and closing costs (60 percent of these funds may be received as a gift).
  • Applicants do not have to be first-time homebuyers (See Definitions). However, all first-time homebuyers must complete a homebuyer counseling program

Property Requirements 

  • Any one to four-unit property to be used as the homebuyer’s residence is eligible for Welcome Home assistance. However, for any property with two or more units, 85 percent of the projected rent of the other units must be included in the homebuyer’s income. An appraisal or current lease must be submitted at time of funds reservation to document this income.
  • Some manufactured housing is eligible for Welcome Home assistance. An appraisal is required at time of funds reservation to verify eligibility.
  • The housing assisted with Welcome Home funds must be subject to a legally enforceable restriction in the deed. Only the 2024 retention language will be accepted. The specific language is available at www.fhlbcin.com
  • Welcome Home may be used only in transactions which convey full title to the new homebuyer.
  • Welcome Home may be used for new home construction. Funds must be collected no later than December 16, 2024.
  • The FHLB reserves the right to determine whether or not a property is considered eligible.

Eligible Uses of Funds 

  • Welcome Home funds may be used to fund reasonable down payment and closing costs.
  • Welcome Home grants may not exceed $25,000 for honorably discharged veterans, active-duty military, reservists, and surviving spouses of service personnel homebuyers or $20,000 for all other homebuyers.
  • Welcome Home funds may be used in conjunction with other local, state, and federal funding sources.
  • A portion of the funds awarded may be used to pay for the reasonable costs of counseling (not to exceed $325) for homebuyers purchasing Welcome Home assisted housing if the cost is not covered by another funding source.
  • Welcome Home is not intended for any purchases requiring any significant repair or rehabilitation.
Welcome Home Guide 2024, Federal Home Loan Bank of Cincinnati

Contact a Peoples Exchange Bank Mortgage Lender at 800-364-3631 for complete details about the Welcome Home Grants.

Peoples Exchange Bank NMLS# 527664