FHLB Welcome Home Program
Helping to create homeownership
The Welcome Home Program provides a grant for qualified homebuyers with up to $10,000 of assistance toward the down payment and/or closing costs of a new home. This is a great opportunity if you’ve ever dreamed of owning your first home or if you’re looking to purchase a new home!
Funds are available beginning February 6, 2023 on a first come, first served basis. We recommend that you make preparations as soon as possible to take advantage of this opportunity!
**Qualifying homeowners who are honorably discharged veterans or active duty military personnel may receive grants up to $15,000.
Federal Home Loan Bank Income Limits (2023)
- County
- Adams
- Allen
- Butler
- Champaign
- DeKalb
- Defiance
- Delaware
- Fayette
- Franklin
- Fulton
- Hancock
- Henry
- Jay
- Lucas
- Mercer
- Randolph
- Shelby
- Steuben
- Van Wert
- Wayne
- Williams
- Wood
- Wells
- State
- Indiana
- Indiana
- Ohio
- Ohio
- Indiana
- Ohio
- Indiana
- Indiana
- Indiana
- Ohio
- Ohio
- Ohio
- Indiana
- Ohio
- Ohio
- Indiana
- Ohio
- Indiana
- Ohio
- Indiana
- Ohio
- Ohio
- Indiana
- 1-2 Persons
- $65,680
- $65,680
- $79,280
- $66,640
- $65,680
- $66,640
- $65,680
- $78,816
- $78,816
- $66,640
- $66,640
- $66,640
- $65,680
- $66,640
- $66,640
- $65,680
- $68,720
- $65,680
- $66,640
- $78,816
- $66,640
- $66,640
- $65,680
- 3+ Persons
- $75,532
- $75,532
- $91,172
- $76,636
- $75,532
- $76,636
- $75,532
- $91,952
- $91,952
- $76,636
- $76,636
- $76,636
- $75,532
- $76,636
- $76,636
- $75,532
- $79,028
- $75,532
- $76,636
- $91,952
- $76,636
- $76,636
- $75,532
| County | State | 1-2 Persons | 3+ Persons |
|---|---|---|---|
| Adams | Indiana | $65,680 | $75,532 |
| Allen | Indiana | $65,680 | $75,532 |
| Butler | Ohio | $79,280 | $91,172 |
| Champaign | Ohio | $66,640 | $76,636 |
| DeKalb | Indiana | $65,680 | $75,532 |
| Defiance | Ohio | $66,640 | $76,636 |
| Delaware | Indiana | $65,680 | $75,532 |
| Fayette | Indiana | $78,816 | $91,952 |
| Franklin | Indiana | $78,816 | $91,952 |
| Fulton | Ohio | $66,640 | $76,636 |
| Hancock | Ohio | $66,640 | $76,636 |
| Henry | Ohio | $66,640 | $76,636 |
| Jay | Indiana | $65,680 | $75,532 |
| Lucas | Ohio | $66,640 | $76,636 |
| Mercer | Ohio | $66,640 | $76,636 |
| Randolph | Indiana | $65,680 | $75,532 |
| Shelby | Ohio | $68,720 | $79,028 |
| Steuben | Indiana | $65,680 | $75,532 |
| Van Wert | Ohio | $66,640 | $76,636 |
| Wayne | Indiana | $78,816 | $91,952 |
| Williams | Ohio | $66,640 | $76,636 |
| Wood | Ohio | $66,640 | $76,636 |
| Wells | Indiana | $65,680 | $75,532 |
- Welcome Home Program Details
- $10,000 to use toward your down payment and/or closing costs.
- You can use these funds even when the sellers are paying for your closing costs.
- Any funds left over can be used to pay down the principal balance of your loan.
- You can use these funds even if you have a down payment of your own.
- All funds are reserved for specific homebuyers purchasing specific homes and cannot be transferred to other homebuyers or to other homes.
- Welcome Home Program grant funds can be used with FHA, VA, THDA, USDA/Rural Housing, Home Ready, Community Investment Cash Advance, and other Conventional products.
- Homebuyer Requirements
- Your total household income must be at or below 80% of Mortgage Revenue Bond income limits. Your income calculation will be based on the limits in place at the time the program opens.
- Homebuyers must contribute at least $500 of their own funds toward the down payment and closing costs. However, 60% of these funds may be received as a gift.
- Funds received for down payment assistance grants from sellers, nonprofit, or other organizations (including state and local government agencies) cannot be used to reduce the required contribution.
- Costs outside of closing, such as hazard insurance, taxes, application fees, and other items related to the purchase, are considered part of the homebuyer’s required contribution. Homebuyers must remain in the home for five years. When you sell your home at a profit, Welcome Home will prorate the funds you have to pay back.
- You do not have to be a first-time homebuyer to participate, but all first-time homebuyers must complete a homebuyer counseling program.
- You cannot own two homes at once. However, if you are doing a simultaneous closing you can still qualify for the grant funds. You cannot keep your old home and buy a new one.
- Property Requirements
- The property must be used as the homebuyer’s primary residence.
- The property may consist of one to four units. For any property with two or more units, 85% of the projected rent of the other units must be included in the homebuyer’s income. An appraisal or current lease must be submitted when the funds are reserved.
- Some manufactured housing is eligible for Welcome Home assistance. Manufactured homes may be built in multi-sectional or single section units and must be installed on an FHA Title II permanent foundation system. The home and lot must be taxable together as real property. Single-section manufactured homes must be Energy Star-rated and documentation is required.
- Mobile homes are not eligible for the Welcome Home Program.
- Modular homes are eligible for the Welcome Home Program.
- If more than $500 is to be escrowed for buyer repairs, the property is ineligible for Welcome Home funds without advance written approval of the FHLB prior to closing.