At Consumers Credit Union, we know there is no one-size-fits-all solution to financing your new home. That’s why we are proud to provide Custom-Made Mortgages and participate in specialized grant programs that make home ownership more affordable for first time homebuyers. One of the grant options currently available to Consumers members is the Federal Home Loan Bank of Indianapolis’ (FHLBI) Homeownership Opportunities Program (HOP).
HOP helps first-time homebuyers whose income is at or below 80% of area median income with their down payment and closing costs. The FHLBI has a total of $300,000 in HOP grant funds earmarked to help Consumers members save money. Those meeting the eligibility requirements can apply for up to $10,000* per household in assistance.
You may be eligible for the Home Opportunities Program grant if your household and the property you intend to purchase meet the following criteria:
- First-time homebuyers with household income at or below 80% of area median income ($33,800 to $48,300 for a one to four person household)
- The total housing debt may not exceed 35% of your gross income.
- Homebuyers must contribute a minimum of $1,000 of their own cash toward the purchase of the home.
- Eligible properties include single-family homes, condominiums, and modular units (duplexes with certain restrictions).
- Applicants must complete an approved homebuyer counseling program prior to purchase of the home (up to $150 of HOP funds may be used to pay for required homebuyer counseling).
If you’re a first-time homebuyer who would like to learn additional details or apply today, contact a Consumers Credit Union Mortgage Specialist at 800.991.2221.
*Total amount of HOP grant received is subject to change based on need and availability of funds.