Welcome Home Program opens February 6 and July 6, 2023

December 27, 2022


The FHLB is pleased to announce the Welcome Home Program (WHP) will be offered twice for 2023 and will open at 8:00 a.m. ET on February 6 and July 6, 2023. The WHP offers grants to fund down payment and closing costs for low- and moderate-income homebuyers purchasing or constructing a primary residence. Grant funds will be reserved on a first-come, first-served basis until all funds have been reserved.

New for 2023:

  • There will be two offerings (opening February 6 and July 6, 2023);
  • Each member is eligible to receive up to $150,000 of WHP funds; and,
  • Grant increased to $10,000 for homebuyers or $15,000 for honorably discharged veterans, active duty military, reservists and surviving spouses of service personnel.

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.

This is our most widely used program, ideally suited to the needs of community lenders and their customers. Since its inception in 1998, the WHP has disbursed $182.6 million on behalf of more than 37,350 households.

Please contact the Housing and Community Investment Department at 888-345-2246 with any questions.