2022 Welcome Home Program

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.

The grants are limited to $7,500 for homebuyers who are honorably discharged veterans, active duty military personnel, reservists, or surviving spouses of service personnel and $5,000 for all other homebuyers.

All participating Lenders, including Citizens Bank of Kentucky, will be subject to an aggregate limit of $50,000 per offering.  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 on a first-come, first-served basis beginning at 8:00am ET on March 1, 2022, and will remain available until all funds have been reserved.

Who are Eligible Homebuyers?

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

  • The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond. (MRB) 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;
  • The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,
  • If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing.
    Note: Applicants do not have to be first-time homebuyers.

What is an Eligible Property?

A property would be eligible if all of the following guidelines are met:

  • The property will be the homebuyer’s primary residence;
  • The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and,
  • 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 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 Do I Apply?

For more information on the Welcome Home Program please contact a Retail Lending Officer with Citizens Bank of Kentucky at 606.789.4001 or Toll Free at 866.462.2265.

For additional Information on the Welcome Home Program click here.

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Citizens Bank of Kentucky NMLS# 608928

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