The Welcome Home Program provides a grant for qualified homebuyers with up to $5,000 of assistance toward the down payment and/or closing costs of a new home. Honorably discharged veterans, surviving spouses of service personnel, and active duty military homebuyers can qualify for up to $7,500. This is a great opportunity if you've ever dreamed of owning your first home or if you’re looking to purchase a new home!

Funds are available beginning March 1, 2021 at 8:00 a.m. on a first come, first serve basis. We recommend that you make preparations as soon as possible to take advantage of this opportunity!




Welcome Home Program Details

  • Receive up to $5,000 toward the down payment, closing costs, or prepaid costs for all qualified homebuyers.
  • Receive up to $7,500 for honorably discharged veterans, surviving spouses of service personnel, and active duty military homebuyers.
  • Funds can be used even when the sellers are paying closing costs.
  • Any funds left over can be used to pay down the principal loan balance.
  • Funds can be used in conjunction with other grant fund programs.
  • Funds can be used even if you have a down payment of your own.
  • All funds are reserved for specific homebuyers purchasing specific homes and cannot be transferred to other homebuyers or to other homes.
  • Welcome Home Program grant funds can be used with FHA, VA, THDA, USDA/Rural Housing, Home Ready, Community Investment Cash Advance, and other conventional products.



Homebuyer Requirements

  • Total household income must be at or below 80% of Mortgage Revenue Bond income limits. 
  • Homebuyers must contribute at least $500 of their own funds towards their down payment and/or closing costs. Up to $300 of these funds may be received as a gift
  • Funds received for down payment assistance grants from sellers, nonprofit, or other organizations (including state and local government agencies) cannot be used to reduce the required contribution.
  • Costs outside of closing, such as hazard insurance, taxes, application fees, and other items related to the purchase, are considered part of the homebuyer’s required contribution.
  • Homebuyers must remain in the home for five years. When the home is sold at a profit, Welcome Home will prorate the funds that are required to be paid back.
  • First-time homebuyers must complete a homebuyer counseling program.
  • Homebuyers cannot own two homes at once. However, simultaneous closings can still qualify for the grant funds.
  • Retention language must be added to the warranty deed explaining the five year retention period.


Property Requirements
 
  • The property must be used as the homebuyer’s primary residence.
  • The property may consist of one to four units. For any property with two or more units, 85% of the projected rent of the other units must be included in the homebuyer’s income. An appraisal or current lease must be submitted when the funds are reserved.
  • Some manufactured housing is eligible for Welcome Home assistance. Manufactured homes may be built in multi-sectional or single section units and must be installed on an FHA Title II permanent foundation system. The home and lot must be taxable together as real property. Single-section manufactured homes must be Energy Star-rated and documentation is required.
  • Mobile homes are not eligible for the Welcome Home Program.
  • Modular homes are eligible for the Welcome Home Program.
  • If more than $500 is to be escrowed for buyer repairs, the property is ineligible for Welcome Home funds without advance written approval of the FHLB prior to closing.

Contact us at (800) 837-8111 or Ask@TheUBank.com for more information. 
 
All loans subject to credit approval. The Union Bank Co. NMLS: 433131.
The Union Bank Co.

105 Progressive Drive
Columbus Grove, OH 45830
(800) 837-8111
Routing Number - 041213759