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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. Welcome Home funds typically become available in March and are available on a first-come, first-served basis, but only to the extent funds are available through the Federal Home Loan Bank. Funds are typically depleted by late spring.

Details

  • TopMark typically has  $200,000 of Welcome Home funds to distribute.
  • All first-time homebuyers must complete a homebuyer counseling program.
  • Homebuyers must contribute at least $500 of their own funds toward down payment and closing costs (60% of these funds may be received as a gift).
  • All funds are reserved for specific homebuyers purchasing specific homes and cannot be transferred to other homebuyers or to other homes.
  • Homebuyers must remain in the home for 5 years or prorated repayment of the grant may be required.
  • More information from the Federal Home Loan Bank of Cincinnati can be found at https://www.fhlbcin.com/community-investment/welcome-home-program/
     

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.

County Income Limits

County

1-2 Persons

3+ Persons

Chart is for 2018 Limits and are subject to change when 2019 guidelines are released.

Defiance

$51,440

$59,156

Fulton

$51,440

$59,156

Henry

$53,040

$60,996

Paulding

$51,440

$59,156

Putnam

$59,440

$68,356

Williams

$51,440

$59,156

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!