FHLB Cincinnati Welcome Home Program

What is FHLB Cincinnati Welcome Home Program?

FHLB Cincinnati Welcome Home Program is a grant for homebuyers in Statewide, Ohio, administered by Federal Home Loan Bank of Cincinnati (Housing & Community Investment).

• A down payment and closing-cost grant of up to $20,000 from the Federal Home Loan Bank of Cincinnati, delivered through its member financial institutions across Ohio, Kentucky, and Tennessee. Income-eligible buyers (<=80% MRB limits) reserve funds first-come, first-served; at least one-third is set aside for first-time buyers. 5-year retention with pro-rata recapture if sold/refinanced before year five.
• Grant up to $20,000 for down payment & closing costs.
• No repayment if held 5 years.
• Open to repeat buyers.
• Stackable with most other DPA.
• Funding comes from FHLB Cincinnati Affordable Housing Program (AHP) set-aside.

How much assistance does it provide?

FHLB Cincinnati Welcome Home Program offers up to $20,000 in assistance.

• Buyer contribution: At least $500 of the buyer's own funds toward down payment/closing (up to $300 may be gift).
• The program can be combined with Most local/state/federal DPA; not with FHLB competitive AHP or other FHLB voluntary housing programs.
• Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of Cincinnati (Housing & Community Investment) determines any individual award.

Do you have to pay it back?

FHLB Cincinnati Welcome Home Program is structured as a grant, so it is not repaid.

• Repayment is triggered by Sale during 5-yr retention, Refinance during 5-yr retention, and Title transfer during 5-yr retention (pro-rata recapture).
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

FHLB Cincinnati Welcome Home Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

FHLB Cincinnati Welcome Home Program limits household income to 80% of the area median income, which varies by county and household size.

• Total household income at or below 80% of the state HFA Mortgage Revenue Bond (MRB) income limits for the property county; county MRB limits published annually by FHLB Cincinnati for OH/KY/TN.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

FHLB Cincinnati Welcome Home Program can be used for Single Family, Townhouse, Condo, 2-4 Unit, Manufactured, and Modular.

• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

FHLB Cincinnati Welcome Home Program serves buyers purchasing in Statewide, Ohio.

How do you apply?

Applications for FHLB Cincinnati Welcome Home Program go through Federal Home Loan Bank of Cincinnati (Housing & Community Investment), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Homeownership counseling from an organization experienced in homebuyer education (need not be HUD-approved); required for first-time buyers; within 12 months before closing..

2. 2

   Contact Federal Home Loan Bank of Cincinnati (Housing & Community Investment) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.