See if you're eligible to receive a Federal Home Loan Bank grant today!

What is the Welcome Home Program?

The Welcome Home Program (WHP) offers grants to fund reasonable down payments and closing costs incurred in conjunction with the acquisition or construction of owner-occupied housing by low- and moderate-income homebuyers. The grants are limited to $15,000 for homebuyers who are honorably discharged veterans, active duty military personnel, reservists, or surviving spouses of service personnel and $10,000 for all other homebuyers. Members are subject to an aggregate limit of $150,000 per offering. All funds are reserved for specific homebuyers purchasing specific homes and cannot be transferred to other homebuyers or to other homes. Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 AM on February 6, 2023, and will remain available until all funds have been reserved.

Who can use Welcome Home?

The FHLB has established a set-aside of Affordable Housing Program (AHP) funds to help create homeownership. These funds are available to members as grants to assist their mortgage loan applicants in the home buying process.

How do I apply?

For more information and to apply, please contact one of our Mortgage Loan Officers at 513.762.1692.


Welcome Home Program - Homebuyer Eligibility

In order to receive Welcome Home funding, homebuyers must meet all of the following eligibility requirements:  

• Total household income must be at or below 80 percent of MRB income limits, as adopted by the appropriate state housing finance agency, for the county where the property is located, and adjusted for family size. MRB limits for KY, OH, and TN are 3 available at The income calculation will be based on the limits in place at the time the program opens. 

 • Homebuyers must contribute at least $500 of their own funds toward down payment and closing costs (60 percent of these funds may be received as a gift). ο Funds received from sellers, non-profit or other organizations, including state and local government agencies, for down payment assistance grants are not considered “gifts” and cannot be used to reduce the homebuyers’ required contribution. ο Funds paid for items outside of closing, such as hazard insurance, taxes, application fees, and other items related to the purchase are considered as part of the homebuyer’s required contribution. Such items should be shown on the Closing Disclosure or with other documentation.  

• Applicants do not have to be first-time homebuyers (See Definitions). However, all first-time homebuyers must complete a homebuyer counseling program. The first paragraph of the reservation approval letter indicates FHLB’s first-time homebuyer determination. The counseling program must be provided by, or be based on one provided by, an organization recognized as experienced in homeownership counseling. The counseling does not have to be provided by a HUD approved agency but must cover, at minimum, mortgage financing, credit-worthiness, household budgeting, and home maintenance. The counseling must be completed within 12 months of the loan closing. The FHLB does not approve or endorse any particular counseling agency or course. A copy of the counseling certificate must be submitted with the online Request for Payment of Reserved Funding.

Welcome Home Program - Property Eligibility

• Any one to four-unit property to be used as the homebuyer’s residence is eligible for Welcome Home assistance. However, for any property with two or more units, 85 percent of the projected rent of the other units must be included in the homebuyer’s income. An appraisal or current lease must be submitted at time of funds reservation to document this income.  

• Some manufactured housing is eligible for Welcome Home assistance. An appraisal is required at time of funds reservation to verify eligibility. “Manufactured housing” refers to a single-family residential dwelling built in compliance with the Federal Manufactured Housing and Construction Standards, as amended, also known as the HUD Code, after June 15, 1976. Manufactured homes may be built in multi-sectional or single section units and installed on an FHA Title II permanent foundation system. In addition, the home and lot must be taxable together as real property. For Welcome Home eligibility purposes, a single section manufactured home must be Energy Star rated. Welcome Home funds may not be used for any other type of manufactured or mobile homes. Documentation verifying the above conditions have been met must be provided and may include an FHA appraisal or an independent appraisal. 4 “Modular Home” refers to a home built to the State or Local Code where the home will be located. Sectional units are built in a production facility, transported to the site and assembled onsite. Modular homes are eligible collateral for the Welcome Home Program. “Mobile Home” refers to a residential structure manufactured prior to the enactment of the Federal Manufactured Housing and Construction Standards, also known as the HUD Code, on June 15, 1976. Mobile homes are not eligible collateral for the Welcome Home Program.  

• The housing assisted with Welcome Home funds must be subject to a legally enforceable restriction in the deed or restrictive covenant to the deed requiring that the FHLB be given notice of any sale, transfer, assignment of title or deed such as to the Secretary of HUD, foreclosure, or refinancing of the unit by the household occurring during the five-year retention period. Homebuyers may be required to pay back a pro rata amount of the Welcome Home grant if the home is sold or refinanced during the five-year retention period. The specific retention language required is available at Only the 2023 retention language will be accepted.  

• Welcome Home may be used only in transactions which convey full title to the homebuyer. Welcome Home may not be used with lease-purchase or land contracts.  

• Welcome Home may be used for new home construction. The Welcome Home reservation is valid until December 1, 2023 but any construction must be complete, the first mortgage permanent loan must be closed (or the construction/permanent loan must be converted to permanent), and funds must be requested no later than December 1, 2023. Welcome Home funds may not be used for the construction loan financing, only the permanent loan.  

• The FHLB reserves the right to determine whether or not a property is considered eligible.