In February 2016, Alex Canfield was excitedly preparing the final stretch of planning for her upcoming wedding to her then-fiancé-now-husband, Alex Hickinbotham. (Yes, you read that correctly – they share the same first name and will be referred to as Mrs. and Mr. Alex respectively.)
Like many soon-to-be newlyweds, the Hickinbothams had to figure out where they would live after the wedding. “We agreed that it was better to use our money towards something that was ours rather than a rental,” recalled Mrs. Alex. “We had heard about down payments and knew we had to be pre-approved, but the truth is, we had no idea what to do.”
So they did what many people looking to buy a house do – they reached out to a REALTOR® for help. It was Lindsay Zimmer who first told them about the Federal Home Loan Bank’s Welcome Home program, a grant for low to moderate income households providing assistance towards a down payment and/or closing costs on a home. The Welcome Home program provides $5,000 or $7,500 grants, depending on eligibility.
Zimmer advised the young couple to reach out to a local lender to start the loan pre-approval and grant qualifying process before going any further. Taking Zimmer’s advice, the Hickinbothams reached out to Greg Mumea, Vice President, Lending at Mechanics Bank.
“I remember we set an appointment with Greg to learn more (about the grant), and he just walked us through everything.” Mrs. Alex continued, “Not only did he explain the process and answer all of our questions, but he also said things that I could tell he would have encouraged his own children to do or consider.”
Greg Mumea remembers meeting with the Hickinbothams. “Like most couples I get to meet around this time of year, they were excited about the opportunity, which makes my job really fun.” Mumea said, “This is truly the best time of year at Mechanics. Sometimes it is difficult for folks to come up with the cash for a down payment on a house, and that’s what this grant does; it provides the cash that helps people achieve the goal of being a homeowner.”
When she reflected on the whole process, Mrs. Alex said it felt like a whirlwind.
“It all happened really fast,” she said, “We met with Greg in late February/early March, learned the grant had just opened, got pre-approved, did all of the paperwork and coursework for the grant, found our house, made an offer, closed and had the keys to our new house by the end of March.”
Despite the speed of the process, the couple felt that surrounding themselves with people who had their best interest at heart was the best thing they could have done.
“We didn’t know any better, so having people who won’t set you up for failure is key.” Mrs. Alex said, “Having Greg and Lindsay on our team, we never had to guess. We always knew what came next, where we needed to go, what needed set up.”
Reflecting on the way the grant impacted their process, Mrs. Alex said, “I just never realized how lucky it was that we snagged that because everything was just happening so fast. Not getting it would have really changed our circumstances because at that point (Mr.) Alex was in school, I work for a church, we were getting married – I don’t know where we would have gotten the money at that point.”
The Hickinbothams are coming up on 3 years in their house, which is now truly their home thanks to the freedom they received from the Welcome Home grant.
“The best part was making it ours, and honestly we could probably add up at least $5,000 since then of improvements we have made,” said Mrs. Alex. “We have spent the $5,000 we would have needed for a down payment on our home to really improve the quality of the property, which makes us want to have people in our home and invest in our community because it’s where we have made our home.”
That feeling of connection and investment in the community is what Mumea highlights as one of the biggest benefits of the Welcome Home program.
“When someone owns a home they are more connected to a community.” Mumea adds, “This program also allows us to put excited new homeowners in properties where they will take care of them, which in turn improves neighborhoods.”
Reflecting on their own journey of turning their house into a home, Mrs. Alex smiled and said, “It’s our Hickum home. It has all of our first things – our first traditions, our first pets, our first kid. We love it! It’s been a space to grow into ourselves and our family. It’s stable. We’re just building on stuff.”
The 2019 Welcome Home program will begin accepting applications March 1st. This year the income levels have increased up to $54,960 for a 1-2 person household and up to $63,204 for a 3+ person household. They have also expanded the program to offer $7,500 grants to honorably discharged veterans and active duty military members who meet the income requirements for the program.
Mumea encourages interested home buyers to not delay in starting the process as the funding is limited and is awarded on a “first-come, first-served” basis.
Mechanics Bank will hold a free Home Buyer Event for the public on Friday, March 1st at their Trimble Rd Office (490 N.Trimble Rd.) from 10 am – 5 pm to answer any questions and provide information to anyone interested in learning more about the Welcome Home program and home buying process. Financial counseling is available at no cost. You can also call the Mechanics Bank Mortgage Hotline at (419) 520-3686 for more information.
