The American dream is becoming more affordable thanks to this year’s Welcome Home Program. The program offers low to moderate-income homebuyers up to $10,000 for closing costs and down payment assistance. Honorably discharged veterans are eligible for up to $15,000. Keep reading for details.
Homebuyer Requirements for the Welcome Home Program
“We’re pleased to be able to offer the Welcome Home program again this year,” said Trever Bransteter, Senior Vice President of Mortgage Lending for Mercer Savings Bank. “This is a great opportunity for homebuyers to get a helping hand with their down payment and closing costs.”
In 2023, Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 AM EST on July 6, 2023, and will remain available until all funds have been reserved.
As a member of the Federal Home Loan Bank (FHLB) of Cincinnati, Mercer Savings Bank participates in the Welcome Home Program. Here’s what you need to know about the program and whether you’re eligible:
- 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 (For 1-2 person household and 3+ person household, respectively: Mercer County is $66,640 and $76,636; Darke County is $66,640 and $76,636; Auglaize County is $70,320 and $80,868);
- 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 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), a satisfactory homebuyer counseling course is completed prior to the loan closing.
Note: You don’t have to be a first-time homebuyer to be eligible.
Frequently-asked questions about the Welcome Home Program >>
Property Requirements for the Welcome Home Program
Your potential new home also needs to meet a few requirements:
- 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 and affixed to a permanent foundation); and,
- The property is subject to a legally enforceable five-year retention mechanism, included in the Warranty Deed or as a Declaration of Restrictive Covenants to the Warranty Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.
You may be required to pay back a prorated amount of the Welcome Home grant if you sell or refinance the home within five years following the purchase.
How to Apply for the Welcome Home Program
Trever Bransteter, Senior Vice President of Mortgage Lending at the Celina – Market Street Branch, recommends that interested buyers don’t wait to apply for the program.
“Funds are limited, so they’re offered on a first-come, first-served basis,” he said. “We suggest going through the pre-approval process as soon as possible.”
Contact your local Mercer Savings Bank office to submit an application and other information online or by phone at 877-672-4543.
Members are subject to an aggregate limit of $150,000 per calendar year. 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 on July 6, 2023, and will remain available until all funds have been reserved.
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