Thinking about buying a home? Up to $5,000 may be available to you with a grant through the Welcome Home Program*.
The Welcome Home Program is a grant that helps those that want to buy a home but are in need of additional funds to help cover the down payment and closing costs.
- Homebuyers may be eligible to receive up to $5,000 based on documented need.
- Funds will be made available on March 2, 2020 and are available on a first come, first served basis.
- First State Bank will work with homebuyer to gather documentation to submit application to reserve funds.
- Funds are available for home buyers to purchase a primary residence only.
- Funds may be used only to help households whose incomes are at or below 80% of Mortgage Revenue Bond (MRB) income limits, as adopted by state housing finance agency, adjusted for family size.
- Homebuyers must contribute at least $500 of their own funds towards the down payment and closing costs.
- A homebuyer counseling program must be completed.
- Funds can be used towards new home construction.
- Funds may be used towards traditional mortgage or government loan such as VA, USDA or FHA.
- Honorably discharged veterans and active duty military homebuyers may receive Welcome Home grants up to $7,500*.
- Homebuyers who are a member of the United States National Guard, Military Reserves, or a surviving spouse of military personnel may also be eligible to receive grants up to $7,500*.
*In order to receive funds, qualifications will apply. Equal Housing Lender.