The Homeownership Opportunities Program (HOP) is a program designed by the Federal Home Loan Bank of Indianapolis (FHLBI) to help first-time homebuyers with down payment and closing costs, if their household income is at or below 80% of the area median income (AMI). Eligible members can receive funds up to $10,000 in HOP grants per household, if an FHLBI member is originating the first mortgage loan.
Homebuyers must be in at least one of the following categories to be considered a first-time homebuyer:
- An individual and his or her spouse who has had no ownership in a principal residence during a three-year period ending on the date of the purchase of the property.
- An individual who is a displaced homemaker and has only owned a home with a spouse, who has not worked full-time, full-year in the labor force for more than 2 years and during that period, worked primarily without remuneration to care for a home and family.
- A single parent who has only owned a home with a former spouse while married and has 1 or more minor children for whom the individual has physical custody or joint physical custody as ordered by the state authority on child support, guardianship or custody order or divorce decree. If physical custody is not formally established, the primary residence of the child must be documented by third-party documentation.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with state, local or model building codes, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure.
All funding is available on a first come, first serve basis. Please contact Tom Webb for more information on the program and to help register you with an institution that is a current member of the FHLBI.
