Welcome Home Program 2022

The Welcome Home Fund Grant program provides a grant for qualified homebuyers with up to $5,000 of assistance towards the down payment, and/or closing costs of their new home. This is a tremendous opportunity for anyone who has ever dreamed of owning a home, or someone who is looking to purchase a new home. The program opens this year in March of 2022.

Program Information

Midwest Community 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. However, honorably discharged veterans, active duty military, reservists, and surviving spouses of service personnel may receive Welcome Home grants up to $7,500. Welcome Home funds typically become available in early spring 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. Our Real Estate Financial Representatives will be able to answer additional questions about qualifications and grant availability.


  • Midwest Community FCU has $50,000 of Welcome Home funds to distribute.
  • All first-time homebuyers must complete a homebuyer counseling program (but you don’t have to be a first-time homebuyer to participate).
  • 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 can not be transferred to other homebuyers or to other homes.
  • Welcome Home Grant Funds can be used with FHA, USDA, VA, Home Ready, and other Conventional products.
  • 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.

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Welcome Home Grant Facts

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

  • You can use this for all of your closing costs. Whatever funds are left over can be used to pay down the principal balance of your loan.
  • 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.
  • Active duty military personnel and honorably discharged veterans may qualify for up to $7,500 Grant Funds.

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 600 credit score.


  • 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.
  • You do NOT have to be a first-time home buyer.
  • Your earnings must fall below median income guidelines.
  • 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

County1-2 Persons3+ Persons
Chart is for 2022 Limits and is subject to change when 2023 guidelines are released.


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