MINSTER — Minster Bank has announced its participation in the grant program, Welcome Home, sponsored by the Federal Home Loan Bank of Cincinnati.
The Federal Home Loan Bank of Cincinnati has established a set-aside of Affordable Housing Program funds to help create homeownership.
Grants are available from Minster Bank to assist homebuyers in purchasing houses. Welcome Home grants are limited to $5,000 per household and do not have to be repaid if requirements are fulfilled. Households are eligible only if the total household income is at or below 80 percent of mortgage revenue bond income limits, as adjusted for family size. In Shelby County, the income level for a household of one or two people is $54,960; for three or more people, $63,204. Surrounding areas may have different income limits and the limits are subject to government change.
Homebuyers must contribute at least $500 of their own funds toward down payment and closing costs, and first-time homebuyers must complete a homebuyer counseling program.
Welcome Home funds will be available beginning March 4 on a first-come, first-served basis.
Call 866-646-7837 for information.