The Homeownership Opportunity Program (HOP) is a grant for qualifying first-time homebuyers at or below 80% Area Median Income (AMI) with down payment and closing cost assistance. Each year, FHLBank Indianapolis members use these grants to help people make their dream of homeownership a reality.  

Qualifying households could receive up to $8,000 in assistance with a mortgage from an FHLBank Indianapolis member.

Funds are available on a first-come, first served basis, and the funding is announced each spring. Many of our member financial institutions work directly with first-time homebuyers or through community housing organizations to help individuals meet the program requirements. 

HOW DO members use HOP?

All Homeownership Initiatives are available to FHLBank Indianapolis members who have completed the appropriate training found on our training and resources page. After completing training, you must submit the required agreements outlined in the training. Upon completion, you will receive information about how to apply for disbursements.

Once a member is approved, they can do the following:
  • FHLBank Indianapolis members can request up to $8,000 in HOP grants per household if they originate the mortgage.
  • A member can request up to $4,000 in HOP grants per household for mortgages originated from a non-FHLBank Indianapolis member. 
  • Members may choose to work with eligible first-time homebuyers directly and/or through one or more community housing organizations.


To qualify for a HOP grant you must:

  • be a first-time homebuyer* at or below 80% area median income;
  • purchase a single-family home, condominium, duplex, or modular unit;
  • contribute a minimum of $1,000 towards the purchase of the home;
  • complete a required state, HUD, or FHLBank Indianapolis-approved homebuyer counseling course; – up to $150 of HOP funds can be used to cover the cost of counseling;
  • not allow total housing debt to exceed 35% of total household gross income.
NOTE: In order to use HOP, you must work through a participating FHLBank Indianapolis member institution
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Funds for the 2019 round of the Homeownership Initiatives (HOP/NIP/AMP) have been exhausted.

For Potential Homeowners

Are you a looking for assistance in utilizing HOP? Find a participating FHLBank Indianapolis member below.

Find a participating member

NOTE: In order to use HOP, you must work through a participating FHLBank Indianapolis member institution.


Select the State, County, MSA, and Household Size to view the AMI percentage income limits.

The AMI Calculator is for reference. All grants are awarded according to the Implementation Plan.