Heritage Bank

Need Help Affording a Home Purchase?

Learn more about programs Heritage Bank Mortgage can help qualified customers access.

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Home ownership is a common path to the middle class and a key contributor to intergenerational wealth. Yet, many of our neighbors struggle to afford the downpayment or terms in our current market. Heritage Bank wants to help.

Affordable H.O.M.E. Program

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Developed by Heritage Bank for low-income minority borrowers residing in greater Cincinnati, the program aims to increase home ownership in this population through favorable terms and down payment assistance.

Loans in this program are 7/1 ARMs with a 97% LTV. Single family owner-occupied homes and condominiums are eligible.

Qualifications

  • Income can be no higher than 80% of median income as designated by Fannie Mae AMI lookup tool.
  • The borrower or at least one of the co-borrowers, must be a part of one of the four following groups that share a race, color, or national origin:
    • American Indian or Alaskan Native
    • Asian or Pacific Islander
    • Black
    • Hispanic
  • The applicant’s credit score must be 600 or higher as well as 36 months minimum reporting with at least four trade lines open or closed. Late payments or charge-offs may disqualify applicants.
  • The borrower must make a downpayment of at least $500. Downpayment assistance will total 3% of the purchase price up to $5,000 per purchase transaction.
  • Borrowers must complete a Home Buyer Education course and submit certification of completion.

To learn more about qualifications and other terms of borrowing through this program, contact a mortgage loan officer.

Welcome Home

Heritage Bank participates in The Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) Welcome Home program offering downpayment and closing cost assistance to honorably discharged veterans, surviving spouses of military personnel, and active-duty military homebuyers as well as to all other qualified homebuyers. Applications are only accepted during specific timeframes during the year. Reach out to a mortgage loan officer if you want to learn more.

Eligibility Requirements

  • The total income for all occupants who will reside in the home must be no higher than 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located.
  • The applicants must have a fully executed (signed by buyer and seller) purchase contract on an eligible property.
  • The homebuyer must contribute at least $500 of their own funds to towards down payment and/or closing costs.
  • The applicant must be a first-time homebuyer (typically anyone who has not owned a home in the last three years),
  • The applicant must completed a satisfactory homebuyer counseling course prior to the loan closing.

Eligible Properties

  • 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).
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1818 Florence Pike, Burlington, KY 41005