Frequently Asked Questions
 
Do you qualify for the Welcome Home Program?
When it comes to buying a home, many buyers are put off by the idea of having to come up with a 20% down payment. While 20% may sound like a lot, it’s important to understand that with a larger down payment, it will take less time to pay off the mortgage. If you can’t afford a 20% down payment, though, you do have other financing options, including the Welcome Home Program.
 
With the Welcome Home Program, you are only required to have a 3% down payment and you can easily receive help with the deposit. There is a maximum of $5,000 per recipient and funds are dispersed on a first come, first serve basis.
 
Is the Welcome Home Program only for first-time buyers?
As long as you have not owned a home in the last three years, then you can still qualify for the Welcome Home Program. If you are a first-time homebuyer, you will be required to go through a homebuyer counseling program before being able to qualify for any funds through the Welcome Home Program.
 
How are funds received through the Welcome Home Program required to be spent?
When you receive funds through the Welcome Home Program, you must use it for one or both of the following purposes: a down payment and/or closing costs. Funds cannot be used for home improvements.
 
What happens when a person uses the funds to buy a home and then later sells the home?
If you use funds through the Welcome Home Program to buy a home, it must be stated in the deed that you will pay back the funds on a prorated basis in the event that you sell the home within the first five years after buying it. As long as the home isn’t sold within the first five years, you will not have to pay back the funds.
 
What is the best way to determine if you qualify for the Welcome Home Program?
If you are interested in qualifying for the Welcome Home Program, you’ll want to stop in at one of our convenient Union Bank locations and speak with a mortgage professional. You will need to have a home that you want to purchase in mind and it’s even better if you already have a buying contract in development. Before a request can be submitted for the Welcome Home Program, a contract will need to be signed by all parties involved.

Contact us today for more information!
You can call us at (800) 837-8111 or email Ask@TheUBank.com for more information. 
 
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Home Equity
Looking to remodel or make a large purchase? Let your home work for you. Find out more about Home Equity
 
 
The Union Bank Co.

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