Competitive rate and payment*
No mortgage insurance cost to borrower/buyer
First Time Homebuyers
The Homeownership Opportunity Program (HOP) grant from FHLBank Indianapolis helps first-time homebuyers with downpayment and closing cost assistance. Funds are available on a first-come, first-served basis.
Qualifying households could receive up to
$8,000 in assistance with a Merchants Mortgage
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, 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;
- – 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
* Definition of first-time homebuyer can be found in the AHP implementation plan on the fhlbi website.