Welcome Home Mortgage Program

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Information for Homebuyers

Welcome Home Program

The Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) offers grants of up to $7,500 for honorably discharged veterans, surviving spouses of military personnel, and active duty military homebuyers and up to $5,000 for all other homebuyers to assist with down payment and closing costs for income eligible homebuyers through the Welcome Home Program (WHP). Homebuyers must apply and qualify for a mortgage loan with Friends and Family Credit Union to utilize the grant at Friends and Family.

Who are Eligible Homebuyers?

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.

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. (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.

How Do I Apply?

Contact Friends and Family Credit Union at 330-832-1371, Ext. 5, or visit one of our local branches.

View and print a Welcome Home Flyer [PDF]

 

Mortgages at Friends and Family

Friends and Family Credit Union offers a variety of loans at competitive rates for your borrowing needs. There are no application fees or pre-payment penalties and the interest is computed only for the time that you have the money (simple interest).

Simple Application Process

Visit one of our branches to apply in person or call our Loan Department at our Main Office at 330-832-1371. Loans may be paid by monthly payments or through payroll deductions. FFCU is able to offer a short turn around time on loan approvals under most circumstances.

Print a Loan Application for a Mortgage or Home Equity Line of Credit.

Mortgage Loans

Get a new mortgage or refinance your current mortgage with minimal closing costs and no points. Our mortgage experts work with you to get you a low rate and close your loan fast with minimal fees.

We love to work with people buying their first home and make the process simple and stress-free!

Our Advantages:
• Competitive rates
• Low closing costs
• Knowledgeable and experienced loan officers
• Payments accepted locally

Our Menu of Loan Products:
• Conventional (10, 15, 20 and 30 years available)
• FHA
• VA
• 100% USDA Rural Development
• Fixed & Variable
• HARP
• No Fee HELOC
• Home Improvement

Call Friends & Family at 330-832-1371 to apply for a mortgage.

 

Home Affordable Refinance Program (HARP)

At Friends and Family Credit Union we offer a product built specifically for homeowners looking to take advantage of RECORD LOW INTEREST RATES, but are unable to refinance due to deflated home values. The product is HARP 2.0. It offers our members a fixed rate loan with terms of 15, 20, or 30 years.

This is a fixed rate loan with NO home value requirement. Contact a Friends and Family mortgage specialist about the HARP program as well as other mortgage products such as FHA, Conventional and USDA RD. Call Friends & Family at 330-832-1371 to apply

*Annual Percentage Rate. Additional restrictions may apply. All rates and promotions subject to change without notice. Loan rate is determined by term of loan and personal credit history. Subject to normal credit criteria and underwriting guidelines. Appraisal may be required. Processing fee of $495.00. PMI may be required or transfer existing.

Home Equity Line of Credit

A Home Equity Line of Credit (or HELOC) is a good way to finance almost anything with a rate that is typically less than a traditional loan or a credit card. It is a loan set up as a line of credit for a maximum draw, rather than for a fixed dollar amount. The flexibility, low rate, and absense of many fees makes it one of our most popular products.

A HELOC uses the equity in your home as collateral. Qualified members can borrow up to 80% of the value of your home.

Friends and Family works with you to set a maximum amount of money that you can use whenever you want to. You can draw on the line to finance home improvements, education costs, pay off debts, take a vacation, pay emergency expenditures… or just about anything else. And you only pay interest on the amount that you use.

Our HELOC rates are low, and offer NO FEES, including NO application fees, NO appraisal fees, NO annual fees and NO closing costs.

Call our Loan Department at 330-832-1371 for more information and to apply. Print a Loan Application.

Check our HELOC rates.

 

 

*APR = Annual Percentage Rate. Rates are subject to change without notice and are based on borrowers creditworthiness.