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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. Up to $10,000 per household may be requested if the member originates the first mortgage. Up to $5,000 per household may be requested for non-member originated first mortgages and if a $3 to $1 matching funds requirement is met. 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
         "Implementation Plan" or "HOP Guidelines" links below for definition
         of first-time homebuyer
  • A minimum of $1000 of the homebuyer's own cash must be contributed
         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
  • Updates to the balance of funds for the Homeownership Set-aside Programs will be published weekly under the "Available funds" link below.

    Guidelines  
    > AHP Implementation Plan (includes Homeownership Set-aside Programs)  
    > HOP Fact Sheet  
    > HOP Guidelines  
    > Forms  
    > Grant Tools

    See "Bulletins" for updated program notices, application and award info.

    > Current Registered Members
    > Available funds

    Updated: October 08, 2014