Make the Dream of Homeownership a Reality
WHAT IS HOP?
The Homeownership Opportunity Program (HOP) grant helps first-time homebuyers with assistance for down payment, closing costs and counseling costs.
Up to $10,000 per household may be requested.
Funds are available on a first-come, first served basis, until funds are exhausted. Funds renew each year in the spring, subject to availability.
To qualify for a HOP grant you must:
Be a first-time homebuyer* at or below 80% area median household income; HUD Income Limits
Purchase a single-family home, condominium, duplexes, 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; – HOP funds may be used to cover the cost of counseling
Total housing debt including principal, interest, taxes and insurance (and any HOA dues) not to exceed 38% of total household gross income
The Hop grant can be used in conjunction with any eligible purchase mortgage and borrower must meet all Fannie/Freddie loan eligibility and requirements.
Income must be evaluated on a per household basis, considering all persons that will be living in the home, and must be at or below 80% of the HUD area median income limit, based on household size and geographic location.
Borrowers will sign a retention agreement at close; if the home is sold in the first five years a portion of the grant will need to be returned, calculated on a pro-rated basis.
For full program/underwriting guidelines and to access HOP funds, please reach out to one of our qualified loan officers.