The Homeownership Possibilities Expanded or "HOPE" program provides access to the “missing middle” or homebuyers that do not traditionally receive support but need assistance with down payment, closing costs or other eligible repairs. HOPE is NOT limited to first-time homebuyers and household income must be at, or below 150% of the Area Median Income (AMI). HOPE cannot be combined or transferred between other TurnKey programs.
HOPE is funded by FHLBank's increased voluntary funding commitment to further fulfill our housing mission beyond our Affordable Housing and Homeownership Set-aside Programs. This is a voluntary commitment of 2.5% above our regulatory contribution of 10% of our previous year’s earnings.
Quick Facts
- HOPE is NOT limited to first-time homebuyers
- Properties must be in CO, KS, NE or OK
- The household income must be at or below 150% of the Area Median Income
- Homebuyer education is not required
- Loan-to-Value or LTV cannot be less than 80%
- The front ratio or FR may not exceed 38%
- A HOPE subsidy is provided to households as a forgivable grant with a five-year retention period.
Please Note: The HOPE subsidy cannot be subordinated in the event of refinancing or obtaining additional liens.
HOPE Round Details
- HOPE round opens March 4, 2024
- Funds available: $4.1 million
- Maximum subsidy per household: $12,500
- Minimum subsidy per household: $2,500
- Reservations will be accepted on a first-come, first serve basis, subject to member limits through Nov. 29, 2024
