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Homeownership Opportunities Program (HOP)
HOP helps first-time homebuyers at or below 80% of area median income (AMI) with down payment and closing costs
and improves their eligibility for mortgage financing. For every $1 of buyer savings or other assistance, FHLBI can provide
up to $3 in grant assistance through members, based on need. Up to $7,500 per household may be requested if the member originates
the first mortgage. Assistance is limited to $5,000 if a non-member originates the first mortgage or there is none. Members may
work with eligible first-time homebuyers directly or through one or more housing organizations.
General Program Elements
First-time homebuyers with incomes at or below 80% AMI qualify; see 2011
Implementation Plan or 2011 HOP Guidelines for
definition of first-time
homebuyer
Homebuyer must contribute a minimum of $500 of their own cash toward
the purchase of the home
Five-year retention requirement with a prorated recapture of assistance
Eligible properties include single-family homes, condominiums and modular
units (duplexes with certain restrictions)
Homebuyer must complete face-to-face state HUD or certified FHLBI approved
counseling program prior to purchase of the home.
See
"Bulletins"
for updated program notices, application and award info.
> Current Registered Members
> Available funds
Updated: April 12, 2011
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