Welcome Home Program
Working in partnership with the Federal Home Loan Bank, Superior Credit Union can offer grants of up to $5,000 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 to utilize the grant.
We will begin taking reservations for Welcome Home funds on March 2, 2020. We are already reviewing current applications to determine eligibility. Buyers must have a home under contract before we can reserve funds. Funds are limited and will be utilized on a first-come first-served basis.
Who are Eligible Homebuyers?
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.
What is an Eligible Property?
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 Warranty Deed or as a Declaration of Restrictive Covenants to the Warranty 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?
Contact a Mortgage Lender at Superior Credit Union or call 877.717.2271 option 2.