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Federal Home Loan Banks (FHLB) Homeownership Set-Aside Program Grant

Mortgages & Home Loans

2025 FHLB funds available now!

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 subsidy per household
  • $2,500 minimum subsidy per household
  • 80% Area Median Income (AMI)
  • Front end ratio (FR) 38% max no exceptions.
  • Homebuyer Education/Counseling required prior to closing.

HSP+

  • Available in counties that are designated as high-cost or difficult development areas in CO, KS, OK. Current Kansas Counties Availability: Kearney
  • First-time homebuyer — may not own or be an investor in another residence in the last 3 years.
  • $25,000 maximum subsidy per household
  • $2,500 minimum subsidy per household
  • 80% Area Median Income (AMI)
  • Front end ratio (FR) 44% max no exceptions.
  • Homebuyer Education/Counseling required prior to closing.

Homeownership Possibilities Expanded (HOPE)

  • Owner Occupied Properties
  • $12,500 maximum subsidy per household
  • $2,500 minimum subsidy per household
  • 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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