Homeownership Opportunities Program

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 Ready to buy a house, but coming up short on the money needed to make a down payment and pay closing costs? The Homeownership Opportunities Program (HOP) can help make your dream home a reality!

How does the HOP Program work?
Eligible families can use the HOP Program for down payments and closing costs. If you have at least $1,000 of your own money saved, you can receive grant money up to $10,000. This gives you up to $11,000 for your down payment and closing costs.*

How do I qualify?
The HOP Program is open to households with annual incomes of 80 percent or less of their area’s median income. The income level is adjusted for the size of your household. Your Wolverine Bank loan officer can find out if you qualify under this target. There are two other qualifications: 1) You must be a first time home buyer**, and 2) you must be able to contribute a minimum of $1,000 of your own money.

What if my financial situation changes after I enroll?
You establish your eligibility for the HOP Program when you enroll. Once you become qualified, you stay eligible even if your income or family size changes.

Do I have to repay this grant?
Not as long as you live in the house for at least five years after you get the grant. If you sell the house within the first five years, you may have to return a portion of the money. FHLBI will “forgive” this grant at one-fifth of the amount each year. For example, if your grant was for $5,000 and you sold your home after owning it for four years, then you would have to repay $1,000 at the time of sale.

Can I buy any type of home I want?
You can use the HOP Program for nearly any type of home that we will make a mortgage for. There are no restrictions on the type or location of the neighborhood. Please see your Wolverine Bank loan officer if you have specific questions.

If I have a grant from another source, do I qualify for this grant?
In most cases, if your family is income-qualified, you are still eligible for the HOP. You may also be able to use grants from other sources. Please see your Wolverine Bank loan officer to discuss exactly how this program applies to your situation.

Where does this money come from?
Wolverine Bank is a member of the Federal Home Loan Bank of Indianapolis (FHLBI). As a member and stockholder of the FHLBI, we can apply for their affordable housing grants and the Homeownership Opportunities Program grants.

Contact one of our experienced loan officers today to see if you qualify for the Homeownership Opportunities Program by calling (800) 968-4280 or visiting any one of our locations.

*A loan officer will help determine your eligibility for grant funds. **You may qualify as a first time home buyer even if you have owned a home in the past. Consult a Wolverine Bank mortgage loan officer to determine your eligibility.

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