The following is a list of documents needed to process your mortgage loan application:

 The last two (2) current pay stubs with year-to-date earnings for each borrower

 The last two (2) years of W-2’s for each borrower

 Signed personal tax returns with all applicable schedules for the last two (2) years ended prior to Mortgage application.

 Most current investment statements

 Additional information may be required

Discover the affordability of home ownership with HomeReady mortgage.

For those with modest savings, HomeReady mortgage can be a great option. Thanks to features like a down payment as low as 3%,* cancellable mortgage insurance** and more, homeownership can be affordable. Whether you’re a first-time homebuyer trying to get your financial foot in the door, a repeat buyer, or a homeowner looking to refinance and lower your monthly payments, HomeReady mortgage can help. The path to homeownership may have seemed challenging – until now.

Speak with one of our friendly Mortgage Loan Originators or click here for more information.

*97% LTV can use any fixed-rate term (10-, 15-, 20-, 30-year).

**Restrictions apply.

Details

The Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) offers grants to assist with down payment and closing costs for low and moderate-income homebuyers through the Welcome Home Program (WHP).

Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 a.m. ET on March 1, 2024, and will remain available until all funds have been reserved.

This year’s offerings include:

• Up to $25,000 down payment assistance grants for homebuyers who are honorably discharged veterans, active duty military personnel, reservists, or surviving spouses of service personnel
• Up to $20,000 down payment assistance grants for all other qualified buyers

Who are Eligible Homebuyers?

• The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond limit for the county and state where the property is located;
• A fully executed 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.
• 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 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
  

All 2024 program documents and forms are available at www.fhlbcin.com. 

Eligibility to participate in the Welcome Home mortgage program is determined by Firelands Federal Credit Union. Amounts are subject to change based on the financial information provided & availability of funds. All Loans are subject to credit approval. Final approval is determined by the Federal Home Loan Bank of Cincinnati.

In conjunction with the Ohio Treasurer’s office, Firelands FCU is now offering Ohio Homebuyer Plus, a savings plan for Ohioans, to our members!

Ohio Homebuyer Plus makes specialized, tax-advantaged savings accounts available to Ohioans to assist them on their homebuying journey. Individuals who open an account through this program will have access to above-market interest rates that will help them to save and grow their money faster.

What are the Requirements?

• Residency and Age: Participants must be Ohio residents aged 18 or older at the time of account opening.
• Deposit Range: Deposit between $100 and $100,000 into a designated account.
• Account Duration: The Homebuyer Plus savings account must be kept open for a minimum of 6 months.
• Account Limit: Only one account can be open per individual across all financial institutions.
• Funds Usage: Funds must be utilized within 5 years for the purchase of a home in Ohio.
• Review Requirement: Individuals are required to review the Ohio Homebuyer Plus participation statement before opening an account through the program.

Accounts connected with Ohio Homebuyer Plus must be used within five years, maintain a minimum balance of at least $100, and cannot exceed a maximum balance of $100,000.

Why choose Firelands FCU?

With an Ohio Homebuyer’s Plus Program account through Firelands FCU, you will:

• Earn one of the best rates around at 7.25% APY!*
• Receive a match deposit of up to $250 after 90 days.**
• Receive $500 towards closing costs when a member with a Homebuyer Plus account finances their mortgage with us!***

Ready to get started? Stop into your Firelands FCU branch TODAY to fill out an application or get connected to a member of our team by clicking the button below!

For more information about the Ohio Homebuyer Plus program, please visit ohiotreasurer.gov/homebuyerplus.

See terms and conditions.