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Cumberland Valley National Bank
2024 Welcome Home Program
Down Payment Closing Cost Assistance
Are you ready to make your dream of owning a home come true? The Welcome Home Program (WHP) is here to assist you in reaching that goal. WHP provides grants to cover reasonable down payments and closing costs associated with buying or building owner-occupied housing for low- and moderate-income home buyers. In 2024, we are thrilled to introduce exciting changes that make it easier and more rewarding than ever to secure your new home. Don't miss out on this opportunity!
What's New in 2024?
- Welcome Home funds will be available for reservation beginning at 8:00 AM EST on March 1, 2024, and will remain available until all funds have been reserved. Reservations may not be submitted in advance.
- The maximum Welcome Home grant per household has doubled up to $20,000.00, giving you greater financial support.
- The member ceiling for 2024 has been raised to an $500,000, opening up more possibilities for you.
- For military and veteran households, the grant per household has increased to $25,000.00, as a token of our appreciation for your service.
How to Apply
Ready to take the next step? Contact any of our expert CVNB mortgage lenders to check if you qualify for the Welcome Home grant. Your dream home is waiting for you!
2024 is your year to make home ownership a reality. Act fast, secure your grant, and embark on your home ownership journey with confidence.
Welcome Home 2024 - your key to a brighter future!
Welcome Home funds will be available for reservation beginning at 8:00 AM EST on March 1, 2024, and will remain available until all funds have been reserved. Reservations may not be submitted in advance. All reservations must be for a minimum of $10,000.
| Madison County & Surrounding Areas | Laurel County & Surrounding Areas | Whitley County & Surrounding Areas |
|---|---|---|
Wayne Short | Sandy Harris | Randy Bargo |
Home Buyer Eligibility
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.
Property Eligibility
The Welcome Home grant is available for various property types:
- 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.
Need Help?
Contact one of our friendly service representatives by calling 800.999.3126, or click the button to fill out a contact form.
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