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“Welcome Home Grant” Starts TODAY!

Posted on March 1, 2011 by tim in Buying, Closing Costs, FHA, First Time Home Buyer, Grant Money, Home Buyer Programs, Tax Credit

Article below is from 2011 – for a more updated approach to the 2012 Welcome Home Grant, click here to see updated details.

It’s back! The Welcome Home Grant was such a great program last year for many of my buyers. Especially those buying their first home (however, it does not have to be your first home). The program starts today (March 1st, 2011) and usually runs through mid May or whenever funds run out. In short, any buyer meeting specific income guidelines is eligible to be given up to $5,000 in grant money for a down-payment. This money comes from the government, is given to specific banks – and only lasts until each bank runs out of funds. The best part of this program is that the money will never need to be paid back and you are not punished for taking the money by submitting to a higher interest rate. For a list of local lenders in the Cincinnati area who are offering this program, please contact me, Lindsay Annett Shapiro at lindsay.shapiro@cbws.com . For now, here is a short list of the details:

  • Program starts March 1st, 2011 and usually lasts mid-May or until funds run out
  • Buyer receives 3.5% of the purchase price in grant money, but not to exceed $5,000
  • Funds are first-come, first-serve
  • Funds can not be reserved until there is an accepted contract
  • Can be used with FHA, VA or Conventional Loans
  • No sale price restriction
  • Can be used toward the purchase of 1-4 family and also approved condos
  • Some lenders require that you are a first-time home buyer. Others do not, contact me for details  – lindsay.shapiro@cbws.com
  • Funds can be used for down-payment, closing costs, and pre-paids
  • Income requirements differ slightly per lender but in general – $55,600 for 1-2 family and $63,940 for 3+. All members of the household who earn money are included, regardless of whether or not they are on the loan.
  • Buyer must contribute at least $500 to the down payment ($300 of which can be gift money)
  • Seller is allowed to pay closing costs and prepaids
  • Buyer must complete Homebuyer Counseling Course prior to closing

For questions, or to find out which lenders in the Cincinnati area are offering this, please contact me – Lindsay Annett Shapiro – lindsay.shapiro@cbws.com


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