Homeownership Assistance
Through our partnership with the Federal Home Loan Bank of Indianapolis (FHLBI), Lake-Osceola State Bank is proud to provide access to several Homeownership Assistance programs. These programs are 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-served basis mid to late April each year.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 $8,000 of the down payment and closing cost assistance to first-time homebuyers.
The homebuyer must contribute at least $1,000 of their own monies. Monthly housing costs may not exceed 35% of gross monthly income. Seller contributions or paid closing costs are not an eligible source of matching funds.
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. Homeowners who have lived in their current primary residence for at least 18 months can apply for up to $7,500.00 in NIP funds.
NIP funds can be used for such improvements as roofs, windows, furnaces and more. 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.
Accessibility Modification Program
The Accessibility Modification Program (AMP) provides up to $15,000 in grant funds for accessibility modification for eligible senior homeowners and owner-occupied households with a person(s) with a permanent disability. Eligible modifications include items such as ramps, grab bars, roll-in showers and widened doorways.
Updates to the balance of funds for the Homeownership Set-aside Programs will be published weekly.
For additional information about these programs, you can also visit the FHLBI website.
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