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Firelands FCU is a participating member of the Federal Home Loan Bank Welcome Home 2023 Grant program.  Grants up to $15,000 are available to fund down payment and closing costs for low- and moderate-income homebuyers purchasing or constructing a new home.

Key Features

  • Low down payment loans available
  • Pre-Approval Available
  • No grant repayment after 5 years
  • Trusted Lending Experts

The WHP offers grants to fund down payment and closing costs for low and moderate-income homebuyers. This year, the WHP has increased funding, will have two offerings in February and July 2023, and will include the following: 

  • Up to $10,000 down payment assistance grants for qualified buyers (first-time buyers and non-first-time buyers allowed, income guidelines apply)
  • Up to $15,000 down payment assistance grants for homebuyers who are honorably discharged veterans, active duty military personnel, reservists, or surviving spouses of service personnel
  • Low down payment loans available
  • No grant repayment after five years
  • Two offerings (opening on February 6 and July 6, 2023)
  • Purchase contract required

Amounts subject to change based on financial information provided & availability of funds.

Eligibility to participate in the Welcome Home mortgage program is determined by Firelands Federal Credit Union. Amounts subject to change based on financial information provided & availability of funds. All Loans subject to credit approval. Final approval is determined by the Federal Home Loan Bank (FHLB).

The following is a list of documents needed to process your mortgage loan application:

  • The last two (2) current pay stubs with year-to-date earnings for each borrower
  • The last two (2) years of W-2’s for each borrower
  • Signed personal tax returns with all applicable schedules for the last two (2) years ended prior to Mortgage application.
  • Most current investment statements
  • Additional information may be required

Below is an abbreviated list of the program guidelines:

  • The total income for all occupants must be at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
  • Homebuyers must contribute at least $500 of their own funds towards down payment and/or closing costs;
  • All first-time homebuyers are required to complete a homeownership counseling program;
  • Grant funds are intended only for homebuyers who qualify for the first mortgage based on their own merit. Co-signors and non-occupant co-borrowers are not permitted;
  • The maximum interest rate for the first mortgage may not exceed 11.75 percent; and,
  • All eligible property assisted with WHP funds is subject to a five-year retention mechanism, which may require the household to repay all or a portion of the subsidy, if the home is sold or refinanced within five years from the closing of the transaction.

All 2023 program documents and forms are currently available at www.fhlbcin.com. The 2023 Welcome Home Program guide can be found here.

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