Sponsored by The Peoples Bank Co. and the Federal Home Loan Bank of Cincinnati – This Down Payment Grant is a limited time offer and some restrictions do apply.
HOUSEHOLD INCOME LIMITS
The total income for all occupants must be at our beow 80% of the Mortgage Revenue Bond limit for the county and state where the property is located. Figures below are to be used for estimate purposes only. The bank will calculate income based on documents request atthe time of applicaiton. Composition of household includes all persons residing in the home, regardless of age or income.
1-2 PERSON HOUSEHOLD
3+ PERSON HOUSEHOLD
Auglaize County
Darke County
Mercer County
Van Wert County
$79,944
$73,040
$80,960
$73,040
Auglaize County
Darke County
Mercer County
Van Wert County
$91,936
$83,996
$93,104
$83,996
Available funds are on a first-come, first-serve basis beginning March 3, 2025.
Homebuyers must contribute at least $5,000 of their own funds towards their down payment and/or closing costs.
Applicants do not have to be first-time homebuyers. However, all first-time homebuyers are required to complete a homeownership counseling program provided by The Peoples Bank Co.
Funds are intended only for homebuyers who qualify for the first mortgage based on their own merit. Co-signers and co-borrowers are not allowed unless they will occupy the home as their primary residence and their incomes are included in determining eligibility.
Only second mortgages provided by formal organizations, community development financial institutions, housing finance agencies, non-profit organizations, etc. are acceptable.
All eligible property assisted with grant funds is subject to a five-year retention mechanism (Retention Agreement), which may require the household to repay all, or a portion, of the subsidy, if the home is sold or refinanced within five years from the closing of the transaction.
