2024 FHLB funds have been exhausted. Please check back in 2025.

Are you a homebuyer interested in receiving up to $15,000 for your new home? Credit Union of America is proud to offer eligible buyers grants through the FHLB Homeownership Set-Aside and Homeownership Possibilities Expanded programs .

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Product Details

Homeownership Set-Aside Program (HSP)

• First-time homebuyer — may not own or be an investor in another residence in the last 3 years.
• $15,000 maximum grant
• 80% Area Median Income (AMI)
• Front end ratio (FR) 38% max no exceptions.
• Homebuyer Education/Counseling required prior to closing.

HSP+

• Colorado Only
• First-time homebuyer — may not own or be an investor in another residence in the last 3 years.
• $25,000 maximum grant
• 80% Area Median Income (AMI)
• Front end ratio (FR) 38% max no exceptions.
• Homebuyer Education/Counseling required prior to closing.

Homeownership Possibilities Expanded (HOPE)

• Owner Occupied Properties
• $12,500 maximum grant
• 150% Area Median Income (AMI)
• Front end ratio (FR) 38% max no exceptions
• Loan to Value (LTV) 80% or greater.
• Homebuyer Education/Counseling required prior to closing if LTV is 97%.

Homebuyers must meet the following criteria: 

• Income limits vary by county, please check with your loan officer for specific details. 
• Home may be in rural or urban locations in Kansas, Colorado, Oklahoma, or Nebraska.
• Non-occupying co-borrower and/or co-owners are not permitted.
• No cash back may be received at closing, and no debt may be paid off at closing.
• Loan can't close until confirmation of the reservation's income approval has been received.
• Grant funds are forgivable at a rate of 20% per year for 5 years.

Limited grant funds are available each year.

 

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