Eligible families can use the Homeownership Opportunities Program for down payments and closing costs. For every $1 you save, you can receive $3. So, if you save $1,500, you can receive a matching grant of $4,500. This gives you a total of $6,000 or your down payment and closing costs. The maximum matching grant you can receive is $5,000.

The Homeownership Opportunities Program is open to households with annual incomes less than the area's median income level. The income level is adjusted for the size of your household. Your Chemical Bank loan officer can find out if you qualify under this target. There are two other qualifications: 1) You must be a first time home buyer*, and 2) you must be able to contribute a minimum of $500 of your own money.

You establish your eligibility for the Homeownership Opportunities Program when you enroll. Enrollment is the date you are issued a pre-qualification or other such loan commitment or you are enrolled in a set-aside program. Once you become qualified, you stay eligible even if your income or family size changes.

Not as long as you live in the house for at least five years after you receive the grant. If you sell the house within five years, you may have to return a portion of the money. FHLBI will "forgive" this grant on a monthly basis. For example, if your grant was for $5,000 and you sold your home after owning it for 36 months, then you would have to repay approximately $2,000 to FHLBI from the proceeds of the sale.

You can use the Homeownership Opportunities Program for nearly any type of home that we will make a mortgage for. There are no restrictions on the type or location of the neighborhood. Manufactured housing that is not on a permanent foundation or resides on property that the homebuyer does not own is not eligible for the HOP grant. Please see your Chemical Bank loan officer if you have questions.

In most cases, if your family is income-qualified, you are still eligible for the HOP grant. You may also be able to use grants from other sources as the funds you provide to be matched by the Homeownership Opportunities Program. Please contact a Chemical Banker to discuss exactly how this program applies to your situation.

There are many non-profit organizations we partner with to provide our customers with as many financing options as possible. Please contact us for a list of organizations in your area that may have resources available to you.

Chemical Bank is a member of the Federal Home Loan Bank of Indianapolis (FHLBI). As a member and stockholder of the FHLBI, we can apply for their affordable housing grants and the HOP grants.