The Homeownership Opportunities Program (HOP) is a grant to help qualified first-time home buyers with down payment, closing, and housing counseling cost assistance.
* Funds can only be accessed by participating FHLBank Indianapolis member financial institutions.
For Potential Homeowners
Are you looking for assistance in utilizing HOP? Find a participating FHLBank Indianapolis member below.
2023 Participating Members
HOP
How do FHLBank Indianapolis Members access HOP funds? - 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;
- not allow total housing debt to exceed 38% of total household gross income
To access HOP funds:
Homebuyers must work through one of our participating FHLBank Indianapolis member institutions. (Coming Soon)
HOP-only funding available March 1, 2023
We are happy to announce we are offering a new Homeownership Opportunities Program (HOP) only round beginning March 1, 2023, that offers up to $10,000 for down-payment, closing costs and homebuyer counseling costs to first-time home buyers with a household income at or below 80% of the Area Median Income. FHLBank Indianapolis will make available $500,000 for this special HOP-only round.
The funds are available on a first-come, first-serve basis until funds are exhausted or end of day April 28, 2023, whichever occurs first. Additional funds will be available in our traditional Homeownership Initiatives round beginning on May 15, 2023, where all three programs (HOP, NIP, AMP) will be open.