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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.
See
"Bulletins"
for updated program notices, application and award info.
> Current Registered Members
> Available funds
Updated: May 9, 2013
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