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Welcome Home 2023


Welcome Home Down Payment Closing Cost Assistance 


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. Homebuyers are limited to $10,000; however, honorably discharged veterans, active duty military, reservists, and surviving spouses of service personnel may receive Welcome Home grants up to $15,000.  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 beginning at 8:00 AM EST on February 6, 2023 and July 6, 2023, and will remain available until all funds have been reserved. Reservations may not be submitted in advance.

Homebuyer Eligibility

A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met:

  • The total household income must be at or below 80 percent of Mortgage Revenue Bond (MRB) income limit for the county and state where the property is located.
  • A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand.
  • Homebuyers must contribute at least $500 of their own funds toward down payment and closing costs.
  • Applicants do not have to be first-time homebuyers (typically anyone who has not owned a home in the last three years). However, all first-time homebuyers must complete a homebuyer counseling program prior to the loan closing.

Property Eligibility

  • Some manufactured housing is eligible for Welcome Home assistance. An appraisal is required at time of funds reservation to verify eligibility.
  • Any one to four-unit property to be used as the homebuyer’s residence is eligible for Welcome Home assistance. An appraisal or current lease must be submitted at time of funds reservation to document this income.
  • Welcome Home grant may be used for new home construction.
  • 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 Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.

 How to Apply

Contact any of our expert CVNB mortgage lenders to check if you qualify for the Welcome Home grant.

Madison County & Surrounding Areas Laurel County & Surrounding Areas Whitley County & Surrounding Areas Pulaski County & Surrounding Areas

Wayne Short
Mortgage Loan Specialist
NMLS# 1723546

Wayne Short profile picture

2110 Lexington Road
Richmond, KY 40475

Office: 859.624.6589
Cell: 859.625.8429
Fax: 606.862.1107
Email: WayneShort@cvnb.com

APPLY for a MORTGAGE NOW

Sandy Harris
SVP, Mortgage Banking Manager
NMLS# 421463

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100 S Main Street
London, KY 40741

Office: 606.862.7366
Cell: 606.682.9224
Fax: 606.862.1107
Email: SandyHarris@cvnb.com

APPLY for a MORTGAGE NOW 


Randy Bargo
AVP, Mortgage Loan Specialist
NMLS# 421457

Randy Bargo profile picture

1376 Master Street
Corbin, KY 40701

Office: 606.258.2415
Cell: 606.524.3857
Fax: 606.528.5295
 

Donald Kessler
Mortgage Loan Specialist
NMLS# 61475

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1520 S Hwy 27
Somerset, KY 42503

Office: 606.676.0784
Cell: 270.250.8495
Fax: 606.862.1107
Email: DonaldKessler@cvnb.com