Homeownership Opportunities Program (HOP Grants)

Homeownership Opportunities Program

This is a grant program that I just learned about last week and it has tremendous value to many home buyers. Home buyers can receive a matching grant up to $7,500.

Eligible families can use the HOP Grant 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 for your down payment and closing costs.

The HOP Grant is open to households with annual incomes of 80 percent of less of their area's median income. The income level is adjusted for the size of your household.

As long as you live in the home for at least five years after you get the grant, you do not have to repay the money. If you sell the house within the first five years, you may have to return a portion of the money.

This is a fabulous program for clients that need a little extra assistance with their down payment or closing costs.

Wolverine Bank offers this program in Michigan and you can speak with Sharon Starks to get additional information or to refer a client. Sharon can be reached at 989.839.8718