Home Fund Grant Program Application Form for $5,000 Grant Loan

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.

Details

• 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.

How to Apply

• More information from the Federal Home Loan Bank of Cincinnati can be found at https://www.fhlbcin.com/community-investment.