Homeownership Opportunities Program (HOP)

• HOW DO FHLBANK INDIANAPOLIS MEMBERS ACCESS HOP FUNDS?

  Member financial institutions must submit a Homeownership Initiatives Master Agreement and a Homeownership Initiatives Registration-Certification form found below.  Annually funds are disbursed on a first-come, first-serve basis.

  See the 2020 HOP Guidelines for more details.
  
  2020 Homeownership Initiatives Master Agreement (Word Doc)
  2020 Homeownership Initiatives Registration-Certification (Word Doc)
  
  FHLBI.GIVES User Registration Form (Word Doc)
  FHLBI.GIVES Registration Guide
  FHLBI.GIVES User Guide

• HOW DO FIRST TIME HOMEBUYERS QUALIFY FOR AND ACCESS HOP FUNDS?

  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

  To access HOP funds:

  • Homebuyers must work through one of our participating FHLBank Indianapolis member institutions. 

• Program Information

  Affordable Housing Program Implementation Plan
  Income Calculation Guidelines: Attachment D of 2020 Implementation Plan
  HOP Guidelines: Attachment G of 2020 Implementation Plan
  HOP Fact Sheet
  Counseling Resource Guide
  HOP, NIP, and AMP Frequently Asked Questions

• Forms and Documents

  Verification of Employment (FNMA) (1005)
  Zero Income Affidavit
  Real Estate Retention Agreement (Word Doc)
  Real Estate Retention Agreement 2.5" Margin (Word Doc)
  HOP Payoff Worksheet (Excel)
  First Time Homebuyer Affidavit
  Standalone Income Calculation Workbook (Excel)
  Supplemental Income Calculation Worksheet (Excel)
  Adjustment Verification Form
  HOP Homebuyer Disclosure (Word Doc)