Homeownership Opportunities Program (HOP)

As part of the FHLBI Homeownership Initiatives, the Homeownership Opportunities Program (HOP) makes homeownership more than a dream for many people. A big hurdle to buying a home is saving for the downpayment or closing costs. HOP helps overcome this hurdle by providing up to $7,500 of downpayment and closing cost assistance to first-time homebuyers.

HOP will match a homeowner's funds three-to-one. Each FHLBI member, however, can offer homebuyers a smaller matching ratio (i.e., two-to-one) if it chooses to. At least $500 of what HOP matches must come from the homebuyer's own savings, but the FHLBI will also match funds received from other sources including other grants and gifts.

HOP funds are available on a first-come first-served basis. Funds are released mid to late March and mid to late August each year. To access these funds, member financial institutions of the FHLBI must participate in training, submit a registration form and agreement, and upon approval, request funds as needed until they reach the maximum amount allowed or no funds remain.

Updates to the balance of funds for the Homeownership Set-aside Programs will be published weekly.

> Current Registered Members
> Available funds

Updated: May 27, 2010