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Welcome Home

Program Information

TopMark FCU works with the Federal Home Loan Bank of Cincinnati to offer our qualifying members Welcome Home Fund grants. Welcome Home funds may be used to fund reasonable down payments and closing costs for low and moderate income homebuyers. Homebuyers may qualify for and use amounts up to a maximum of $5,000 per home, based on documented need. 

We will begin taking reservations for Welcome Home funds on March 4, 2019. 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.

Very Important Things to Remember:

  • Due to the fact that TopMark Federal Credit Union is a smaller institution, we are almost always able to give each applicant the full $5,000 where other financial institutions might split the benefit with other applicants.
  • We always have Welcome Home funds available long after other financial institutions have exhausted their $200,000 reservation limit!
  • You do NOT have to be a first time home buyer!

Call Michelle Boughan for more information, 419-645-3109!


County Income Limits

County

1-2 Persons

3+ Persons

Chart is for 2019 Income Limits - Available March 4, 2019                                                 

Allen

$54,960

$63,204

Auglaize

$54,960

$63,204

Hancock

$57,280

$65,872

Hardin

$54,960

$63,204

Mercer

$54,960

$63,204

Putnam

$60,480

$69,552

Van Wert

$54,960 $63,204

Welcome Home Grant Facts

$5,000 to use towards your down payment and/or closing costs

  • You can use this for your down payment. Whatever funds are left over can be used to go towards closing cost and prepaid expenses.
  • You can use these funds even when the sellers are paying your closing costs for you. We simply apply the remaining funds to pay down the principal balance of your loan.
  • You can use these funds in conjunction with other grant fund programs.
  • You can use these funds even if you have a down payment of your own.

Credit Scores

  • While you do not have to maintain a certain credit score to qualify for Welcome Home Funds, you must be approved for a mortgage loan. This usually requires at least a 620 credit score.

Stipulations

  • You have to use at least $500 of your own money in the transaction. For example, if you’ve already put down $500 in earnest money for your home purchase, that is all you need.
  • You have to live in the home for at least 5 years. If you don’t, when you sell your home at a profit, Welcome Home will prorate the funds you have to pay back.
  • You have to obtain home buyers counseling only if you are a first time homebuyer — this is FREE with the Credit Union and can be done in our office or at home. This online course requires some reading and a small quiz. Once complete, you will get a certification to print and file.
  • Your earnings must fall below median income guidelines - total household income.
  • You do NOT have to be a first time home buyer.
  • You cannot own 2 homes at once. However, if you are doing a simultaneous closing you CAN qualify for the grant funds. You cannot keep your old home and buy a new one.
  • Retention language must be added to the warranty deed explaining the five year retention period.
  • More information from the Federal Home Loan Bank of Cincinnati can be found at https://www.fhlbcin.com/community-investment/welcome-home-program/