Make the Dream of Homeownership a Reality – Down Payment Assistance

Photo of a row of housesWHAT IS HOP?

The Homeownership Opportunity Program (HOP) grant from FHLBank Indianapolis. Up to $8,000 per household may be requested if an FHLBank Indianapolis member generates the mortgage. Funds are available on a first-come, first served basis, and the funding is announced each spring. Merchants Mortgage works directly with first-time homebuyers and through community housing organizations to help individuals meet the program requirements.

Qualifying households
could get up to


in downpayment assistance
with a mortgage from Merchants Bank of Indiana,
an FHLBank Indianapolis member.

*Funding will be available on a first-come, first-served basis, until FHLBI grant allocation has been exhausted


To qualify for a HOP grant you must:

  • be a first-time homebuyer ** at or below 80% area median income;
  • purchase a single-family home, condominium, duplex (certain restrictions), or modular unit;
  • contribute a minimum of $1,000 towards the purchase of the home;
  • complete a required state, HUD, or FHLBank Indianapolis-approved homebuyer counseling course;
    – up to $150 of HOP funds can be used to cover the cost of counseling
  • not allow total housing debt to exceed 35% of total household gross income

** Definition of first-time homebuyer can be found in the AHP implementation plan on the FHLBI website.


Interested in using a HOP grant for downpayment or closing cost assistance?
Contact a Merchants Mortgage Professional today.


FHLBank Indianapolis is one of 11 regional banks that make up the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions. FHLBanks are privately capitalized and funded and receive no Congressional appropriations. FHLBank Indianapolis is owned by its approximately 400 Indiana and Michigan financial institution members.

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