FHLBank Indianapolis Homeownership Opportunities Program (HOP)

Overview

Up to $20,000 toward your first home for households under 80% of area median income, through local banks and credit unions.

Detailed requirements

First-time homebuyer with household income at or below 80% of Area Median Income. Primary residence in Michigan or Indiana. Homebuyer counseling required. Minimum request $1,000, maximum $20,000 per household. Funds are accessed through a participating FHLBank Indianapolis member financial institution and are subject to availability. Five-year retention agreement.

Eligibility at a glance

First-time buyer required

Yes

Max income (% AMI)

80%

Owner-occupied required

Yes

Homebuyer education required

Yes

Note: Requested by a participating member lender; funds are limited each year. Retention period applies (grant is repaid on a pro-rated basis if the home is sold within 5 years). Also available in Indiana.