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Homeownership Assistance
LOSB is an active user/partner of Federal Home Loan Bank of Indianapolis (FHLBI). Through this active partnership we are able to provide Homeownership Assistance programs. These two programs below are both income based and each serve a different purpose, with the same goal of helping homeowners. Furthermore the funding for each program comes from the same pool of money released by FHLBI and is available on a first-come first-serve basis.
If you feel you could benefit from one of these programs please CONTACT LOSB TODAY!
Homeownership Opportunities Program
As part of the FHLBI Homeownership Initiatives, the Homeownership
Opportunities Program (HOP) makes homeownership more than a dream for
many people. A big hurdle to buying a home is saving for the down
payment or closing costs. HOP helps overcome this hurdle by providing
funding up to $7500 of the down payment and closing cost assistance to
first-time homebuyers.
At least $500 of what HOP matches must come from the homebuyer's own
savings, but the FHLBI will also match funds received from other sources
including grants and gifts. Monthly housing costs may not exceed
35% of gross monthly income, and total monthly expenses may not exceed
45% of gross monthly income. Seller contributions or paid closing costs
are not an eligible source of matching funds.
HOP funds are available on a first-come first-served basis. Funds are
usually released mid to late March and mid to late August each year.
Neighborhood Improvement Program
LOSB and FHLBI do not work just to provide housing opportunities for low income families; they also strive to improve entire neighborhoods. As part of the FHLBI’s Homeownership Initiatives, the Neighborhood Impact Program (NIP) revitalizes and repairs neighborhoods and homes to restore function, character, and pride. NIP will match a homeowner's funds four-to-one. As an example to qualify for the maximum $10,000 grant the homeowner needs to contribute a personal match of $2500. The FHLBI will also match funds received from other sources including grants, gifts or home equity loans.
NIP provides rehabilitation assistance to qualified homeowners on a first-come first-served basis. With a cap of $10,000 per household, NIP is well suited for emergency needs such as roofs, windows, furnaces, wheelchair ramps, and handicap accessibility issues. Funds are released mid to late March and mid to late August each year. To access these funds, member financial institutions of the FHLBI request funds as needed until they reach the maximum amount allowed or no funds remain.
Updates to the balance of funds for the Homeownership Set-aside Programs will be published weekly.
For Additional Information visit the FHLBI website.
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