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Mortgage Down Payment Assistance Program

Welcome Home Program

The Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) offers 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 with Sutton Bank (a FHLB member) to utilize the grant.

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% of the Mortgage Revenue Bond limit for the county and state where the property is located. Click here to see these limits for your county.
  • A fully executed (signed by the 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 ($300 of which can be a gift); 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 an refinancing sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.

How do I apply?

For more program information, homebuyers should contact us at 800-422-3641.