Archive for the ‘Welcomeo Home Program $5000 grant’ Category
2011 Welcome Home Program
Welcome Home Program-2011-Clink on Image for info
2011 Welcome Home Program
Frequently Asked Questions
Q. How are funds reserved?
A homebuyer applies for a mortgage through one of the Federal Home Loan Bank of
Welcome Home Reservation Request, loan application, and pertinent income
documentation to the FHLBank. Funds are reserved on a first-come, first-served
basis.
receive?
A homebuyer may receive Welcome Home grant funds up to $5,000 to be used for
the Welcome Home round.
Please allow a minimum of four to six weeks from the time the Reservation Request
welcomehome@fhlbcin.com. Please state the
are the approval letters not coming to me?
. Each Member may only have one contact person. We use the information on the first
particular person to be the contact, please let us know via email at
.
federal funding sources?
. Yes. However, Welcome Home funds may not be used with an existing or future
The MRB income limits can be found on our website at www.fhlbcin.com or at the
80% of the MRB income limits.
All Welcome Home approvals are valid until December 1, 2011.
I send in my Reservation Request or after I have received an approval letter?
. A Reservation Request and approval are only valid for the property originally
Member should withdraw the original Reservation Request and submit a new online
Reservation Request with the updated property address or requested grant amount.
The four to six week review period will begin again upon resubmission.
No. Welcome Home funds are intended to only assist homebuyers who qualify for
not relying on any expected but uncertain change in job status or income.
The Welcome Home funds are disbursed to the Member after the loan has closed.
an online Funding Request, a copy of the fully executed HUD-1, the final signed
Truth-in-Lending for all repayable mortgages, and a copy of the warranty deed
containing our 2011 retention language to the FHLBank. Please allow four to six
weeks for it to be reviewed and for funds to be disbursed.
If you do not need the entire amount of the approved grant, you may apply the
the HUD-1. No cash back may be given to the homebuyer and no earnest money may
be returned!
The HUD-1 may have shown payoff of debt, return of the earnest money deposit, or
reduced.
. No. However, at least one-third of Welcome Home funds must be reserved for firsttime
No. It is the Member’s responsibility to set their fax machine or email to print a
unless it has been at least four weeks since you sent it. A status report will be sent to
the Member contact every Friday.
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Yes. However, the manufactured home must be built on a permanent chassis,
least 24 feet wide. Additionally, the home and lot must be taxable together as real
property and the home must be built to the Manufactured Home Construction and
Safety Standards (HUD Code). A copy of the appraisal is required at time of funds
reservation.
Depends. If income is from employment, we require two consecutive YTD pay stubs
require the most recent two years’ signed federal tax returns. More information on
documenting income can be found in our Welcome Home Guide, which is available
www.fhlbcin.com.
Yes. However, if the repair escrow is greater than $500 and is held from the buyer’s
should send the FHLBank a copy of the appraisal showing all repairs were required
and the estimated amount of the repairs. The FHLBank staff will review the request
and email the Member contact with a response. Note: We expect the Member or
their closing agent to hold the escrowed funds and to disburse them upon presentation
of acceptable receipts and/or invoices. If the repair escrow is held from the seller, no
pre-approval or documentation is required.
have been completed?
The Member must submit an inspection showing all repairs have been made, copies
returned to the homebuyer.
Can they have cash back?
If all escrowed funds are not used, the balance should be applied to the first mortgage
used their own funds to set up the repair escrow account, and they did not use all
those funds, they may have their remaining funds back as long as they have the
minimum $500 in the transaction. If the HUD-1 shows the homebuyer only had the
minimum $500 in the transaction, and they did not use all of the escrowed funds, the
balance must be applied to the first mortgage as a principal reduction or the Welcome
Home grant will be reduced.
Home Program?
The 2011 Welcome Home Guide is available on our website at www.fhlbcin.com
Is your mortgage originator licnesed in KY?
