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Welcome home program

grant program from the federal home loan bank of Cincinnati

Here's what you need to know

The FHLB Cincinnati offers grants of up to $7,500 for honorably discharged veterans, surviving spouses of military personnel, and active duty military homebuyers and up to $5,000 for all other homebuyers to assist with down payment and costs for income eligible homebuyers through the Welcome Home Program. Homebuyers may apply and qualify for a mortgage loan with a member financial institution, like First South Financial, 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 (MRB) limit for the county and state where the property is located
  • A fully executed (signed by buyer and seller) purchase contract on eligible property is in hand
  • The homebuyer has at least $500 of their own funds to contribute towards down payment and /or closing costs
  • And, if a first time homebuyer (typically anyone who has not owned a home in the past three years), a satisfactory homebuyer counseling course is completed prior to the loan closing

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 (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 Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclose, deed in-lieu of foreclosure, or change in ownership during the five year retention period.

For additional information or assistance, please contact the Housing & Community Investment Department of the FHLB Cincinnati at 513-852-7680 or 888-345-2246. You can also email them at

Have questions about a mortgage loan? Connect with our Mortgage Department at 901-380-7530.

This program is administered by the FHLB Cincinnati. First South Financial cannot modify or make exceptions to any of the program requirements. Please visit the Welcome Home Program page for complete details.



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