Welcome Home Program

Make Homeownership a Reality with the Welcome Home Program

How do I qualify?

A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met:

• 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;

• 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: Applicants do not have to be first-time homebuyers.

  Is the home I’m purchasing eligible?

A property would be eligible if all of the following guidelines are met:

• 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, affixed to a permanent foundation, and Energy Star certified); and,

• The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the 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.

For more information, please visit FHLB Cincinnati or contact one of our lenders at 270-796-8500.

First Time Homebuyer Certification Course

If you're a first-time homebuyer, our completely online Homebuyer Certification Course is an essential step in your journey. Designed to be completed at your own pace, this course takes just 2-3 hours to finish, providing you with crucial knowledge to navigate the homebuying process.

What You'll Learn:

• The Homebuying Process: Understand the essential steps to purchasing your first home.

• Managing Your Money: Learn how to effectively budget and manage your finances for homeownership.

• The Importance of Good Credit: Discover how a strong credit score can benefit you throughout the process.

• Credit Reports and Troubleshooting: Get tips on reading and improving your credit report to avoid potential pitfalls.

• Spending & Savings Plans: Build a clear, manageable plan for saving for your down payment and other costs.

• Getting a Mortgage: Understand the mortgage process and how to secure the best loan for your situation.

• Preparing for Homeownership: Gain the tools needed to successfully transition to homeownership.

• Protecting Your Investment: Learn how to maintain and preserve the value of your new home.

Course Details:

The CreditSmart® Homebuyer U course is broken down into six comprehensive modules:

1. Overview of the Homebuying Process

2. Managing Your Money

3. Your Credit and Why It Is Important

4. Getting a Mortgage

5. Finding and Closing on a Home

6. Preserving Homeownership

Take the Quiz and Get Certified

Once you complete the course modules, you’ll take a quiz to test your knowledge. Achieve a score of 80% or higher, and you’ll receive a certificate of completion that can be saved as a PDF or printed immediately for your records. If needed, you can retake the quiz as many times as necessary until you pass.

Ongoing Access

After finishing the course, you’ll have continuous access to review any section or retrieve your certificate whenever needed. This course is a valuable, long-term resource to help you at every step of your homebuying journey.

Take the first step toward your dream home with our online Homebuyer Certification Course. Start today and get empowered to make confident, informed decisions on your path to homeownership!

Questions? Reach out to:

Leatrice Butts, NMLS 490792

Mortgage Loan Officer

270-746-0259

lbutts@socu.com

*The FHLB Home Loan Program is subject to change. Not all applicants will qualify. Other restrictions apply. Funds are dependent on approval and available on a first-come, first served basis. NMLS# 411224. Terms and conditions apply. All credit subject to approval.