Local program helps home buyers with down payment - 13abc.com Toledo (OH) News, Weather and Sports

Local program helps home buyers with down payment

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A program is helping dozens of people achieve the American dream. It's called Welcome Home. Through the program people are able to get money for a down payment and of course that can mean the difference between buying and renting but its not for everyone and it has a limited run.

Tom Wulf of First Federal says its a great time to buy a home, "Obviously a higher credit score and a good amount of money for a down payment helps drastically. Most banks like First Federal do free pre-approvals, so it is worth your time to check to see if you can afford to buy a home."For some people coming up with a down payment is tough to do. That's where the Welcome Home program comes in, "It's a program that allows them to use the funds for a down payment and in some cases closing costs, with a maximum of $5,000 to a household."

In order to apply for the program you have to meet certain income qualifications and that varies county by county, "Every county in Ohio is a little different. For example, there may be different income requirements in Lucas County than in Hancock County and not everyone qualifies for this program. There are certain income limitations for people to be part of this."

The window to apply for the program opened this week, but it probably won't stay that way for long, "It is a limited program. It is a short time frame. There is no specific end date other than when the funds run out. In the past, we've run out of money in a month or two."

Wulf estimates that 30-50 homeowners have been approved for the Welcome Home program through First Federal in prior years. Once again, that is not a set number. You don't have to be a first time home buyer to take part in the program, you just can't currently own a home.

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