COLUMBUS, OH (March 17, 2025) |
Telhio Credit Union participated in the recent Welcome Home Program, in partnership with Federal Home Loan Bank of Cincinnati (FHLB Cincinnati), securing funds for nine members, totaling $180,000. The Welcome Home Program (WHP) enables prospective homebuyers to apply through select financial institutions to receive up to $20,000 in reserved funds toward a downpayment and/or closing costs.
Since its inception in 1998, the WHP has disbursed $199 million on behalf of more than 39,000 households. Telhio’s joint involvement in this effort underscores its mission to be the heart the community’s financial wellbeing and a trusted partner for growth and prosperity, ushering in new generations of homeowners that allow local communities in central and southwest Ohio to thrive.
As the housing market fluctuates, the demand for low- and moderate-income properties is steadily rising. Saving for initial costs toward a new home is a barrier that can impede many individuals and families from taking their first step into homeownership. The $20,000 WHP grant brings this potential back within reach for many people. Registration opened on March 3, with funds emptying just a day and a half later, marking the shortest in the program’s history. Grant funds are based on a first-come, first-served basis until all funds have been reserved.
“We were thrilled to extend our services through the Welcome Home Program and impact the lives of these new homeowners," said Telhio Credit Union President Derrick Bailey. "Alleviating some of the costs associated with the homebuying process reinforces our goals of building support for the community we’ve served for the past 90 years.”
To qualify for a WHP grant, individuals must:
· Have a total income at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located.
· Pay a minimum of $500 toward the purchase of the property.
· Complete a homeownership counseling program, if a first-time homebuyer.
· Qualify for the first mortgage based on their own merit. Co-signers and non-occupant co-borrowers are not permitted.
· Not exceed the maximum interest rate of 9.875 percent for the first mortgage.
Any property funded by WHP is subject to a five-year retention period. If the home is sold or refinanced within five years of the transaction, the household may need to repay all or part of the subsidy.
Telhio Credit Union is proud to partner with FHLB Cincinnati on this initiative to offer housing opportunities and exceptional service alongside mortgage professionals ready to provide personalized service.