Old House New House Living

As of May 1st, Federal Home Loan Bank’s Welcome Home Funds are available for reservation. Welcome Home grants are limited to $5,000 per household (see attached income limits) and available on a "first-come, first-served" basis. Borrowers may use these funds for closing costs and down payment.

Here are some points about the program.

Homebuyer Eligibility

- Must meet income limits

- Must contribute at least $500 of their own funds toward down payment and closing costs

- First-time homebuyers must complete a homebuyer counseling program

- Non-occupant co-signers and co-borrowers are not permitted

Eligible Property

- One-four family primary residence (some restrictions apply for 2-4 family properties)

- Some manufactured housing is eligible

- May be used for new home construction

Eligible Uses of Funds

- Down payment and closing costs

- May be used in conjunction with other local, state, and federal funding sources (FHA, VA, RHS)

- Costs of counseling