2023 Welcome Home Program for Kentucky Home Buyers

What is the Welcome Home Program?

The Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) offers grants of up to $15,000 for honorably discharged veterans, surviving spouses of military personnel, and active duty military homebuyers and up to $10,000 for all other homebuyers to assist with down payment and closing costs for income eligible homebuyers through the Welcome Home Program (WHP). Homebuyers must apply and qualify for a mortgage loan with one of our Member financial institutions to utilize the grant. To see how the process works, click here.

Am I an eligible homebuyer?

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 property 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 and affixed to a permanent foundation); 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.

How do I apply?

Homebuyers must apply with one of our member institutions. Click here to search our Member Directory.

Funds will be available for reservation on a first-come, first-served basis beginning at 8:00 a.m. ET on February 6, and again on July 6, 2023, and will remain available until all funds have been reserved.