Qualify Here for the Welcome Home Homebuyer Grant

Buying a home may be more in reach than you think. 

What is the 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 home buyers. The FHLB (Federal Home Loan Bank) has established a set-aside of Affordable Housing Program funds to help create homeownership through its loans made by member banks.


The grants are limited to $5,000 per homebuyer/transaction. 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 8:00 AM ET on March 4, 2019, and will remain available until all funds have been reserved.


What are the Program Requirements?

Below is a partial list of program eligibility requirements:

  • The total annual income for all occupants must be at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located. Generally this ranges from $45,000 to $77,000 depending on county and number of people occupying the home.

  • Buyers must contribute at least $500 of their own funds towards down payment and/or closing costs.

  • WHP applicants do not have to be first-time homebuyers. However, all first-time homebuyers are required to complete a homeownership counseling program.

  • WHP grant funds are intended only for those who qualify for a conventional or FHA mortgage based on their own merit. Co-signors and co-borrowers are not allowed unless they will occupy the home as their primary residence and their incomes are included in determining eligibility.

  • WHP grant funds may be used in conjunction with other local, state and federal funding sources.

Qualification for this grant program and mortgage qualifications are different. Qualifying for the grant does not mean you will qualify for a mortgage. If you sell your home or refinance within 5 years, repayment of a portion of the grant subsidy may be required.

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5904 Ridgeway Center Parkway  |  Memphis, Tennessee 38120


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