Thanks to the Welcome Home Program, made possible by the Federal Home Loan Bank of Cincinnati, eligible homeowners could receive up to $5,000 toward the purchase of their new residence, increased up to $7,500 for homebuyers who are honorably discharged veterans or active duty personnel. The borrower must maintain ownership and reside in the property as their primary residence for a period of 5 years.
Hear more about the program from Rex Lippincott, the branch manager of the Minster Bank Wapakoneta office.
More Details on the Welcome Home Program
Brenda Cavinder, branch manager at the Minster, Ohio, office, offered more details to interested homebuyers looking to get started.
What Do I Need to Get Started?
First, to determine if you’re eligible, you’ll need to look at your household income.
In Auglaize County, the total income for a household of one or two people needs to be less than $54,960. If there are more people in the household, the income must be less than $63,204. Contact a lender for household incomes in your county.
Cavinder also said there’s a new program feature this year: An up to $7,500 grant for honorably discharged veterans or active duty military personnel if they stay in the home at least five years.
Like Lippincott, she pointed out that the program isn’t just for first-time homebuyers.
“It could be somebody who’s retired and looking at downsizing,” she said.
While there’s no cutoff date to apply for the funds, it’s first-come, first-served. (Last year, the funds ran out in April, so don’t wait to apply.)
To apply for the grant, you’ll need a purchase contract, 30 days of pay stubs, your W-2s from the two most recent years, and two months of bank statements. The funds need to be used by December 2, 2019, and you’ll also need to complete a short online home counseling course.
Who Can Benefit from Welcome Home Funds?
Cavinder said the program is a great opportunity for a variety of situations.
“Last year, I helped a single mother with young children, and she bought her first home, so it’s nice for them to have ownership and get a good start,” she said. “This year, I’ve had a college student who’s just graduated and has their dream job, and it’s a nice stepping stone for them to be able to get started with their life as a homeowner.”
Because the program also requires applying for a home loan, Cavinder says choosing Minster Bank – which has an option for a loan with a 3 percent down payment – is a smart way to get into your new home.
She added, “It’s one of those rare things where you can actually get free money, and it’s a great start.”
Apply Today for the Welcome Home Program
Learn more about the Welcome Home Program and get started on your application on the Minster Bank website.
From the Welcome Home Program, sponsored by Minster Bank and the Federal Home Loan Bank of Cincinnati. Limited time offer. Some restrictions apply. Beginning March 4, 2019.
Borrower is required to reside in the home for 5 years.