HOPE

Watch the HOPE video below to learn about uses and guidelines.

FHLBank is excited to announce a new program within the TurnKey suite, the Homeownership Possibilities Expanded or HOPE. This program provides access to the “missing middle” or homebuyers that do not traditionally receive support but need assistance with down payment, closing costs or other eligible repairs. HOPE is NOT limited to first-time homebuyers and household income must be at, or below 150% of the Area Median Income (AMI). HOPE cannot be combined or transferred between other TurnKey programs.

HOPE is funded by FHLBank's increased voluntary funding commitment to further fulfill our housing mission beyond our Affordable Housing and Homeownership Set-aside Programs. This is a voluntary commitment of 2.5% above our regulatory contribution of 10% of our previous year’s earnings.

Quick Facts

HOPE is NOT limited to first-time homebuyers
Properties must be in CO, KS, NE or OK
The household income must be at or below 150% of the Area Median Income
Homebuyer education is not required
Loan-to-Value or LTV cannot be less than 80%
The front ratio or FR may not exceed 38%
A HOPE subsidy is provided to households as a forgivable grant with a five-year retention period.

Please Note: The HOPE subsidy cannot be subordinated in the event of refinancing or obtaining additional liens.

HOPE Round Details

HOPE round opens March 4, 2024
Funds available: $4.1 million
Maximum subsidy per household: $12,500
Minimum subsidy per household: $2,500
Member monthly limit: $62,500
Reservations will be accepted on a first-come, first serve basis, subject to member limits through Nov. 29, 2024
Reservations will be submitted in HSP Online

Registration

To participate in any TurnKey programs, a TurnKey Member Registration Agreement (Registration Agreement) must be completed and submitted to TurnKey@fhlbtopeka.com. The prior HSP Member Registration Agreement on file with FHLBank Topeka is no longer valid. All members must register to participate in the 2024 TurnKey programs. Upon receipt of the Registration Agreement members may reserve funds during the current and subsequent year's TurnKey funding periods for which subsidies are available.

The Registration Agreement must be signed by a representative from your institution who is included on the FHLBank Credit Resolution, the FHLBank Credit Authorization or the FHLBank AHP/HSP Authorization Form. Only one Registration Agreement per member is required.

TurnKey Registration Agreement

Message to Homebuyers
The TurnKey products are offered in partnership with FHLBank members. FHLBank does not work directly with homebuyers and does not originate home loans. Contact an FHLBank member to apply.

Resources

Second Quarter 2024 Maximum Mortgage Rates

First Mortgage: 8.82
Second or Subsequent Mortgage: 10.82

Member Authorization Forms
Authorization Form identifies your institution's officers, employees and/or agents who are authorized to complete and execute applications, agreements, disbursements requests, reservations, forms and other documents related to the AHP and TurnKey.

AHP/HSP Authorization Form - Supplemental allows you to designate a new authorized user to the AHP/HSP Authorization Form on file with FHLBank Topeka. Use the AHP/HSP Supplemental Form to add new authorized users for AHP/HSP Online. If you need to remove an authorized user email turnkey@fhlbtopeka.com.

Income

Income Calculation Workbook Rev. 3.19.24 AHP/TurnKey Income Calculation Guide Rev. 2.16.24 TurnKey Income Limits Rev. 2.5.24 AHP/TurnKey Zero Income Certification Form AHP/TurnKey Verification of Employment AHP/TurnKey Profit & Loss Statement

Forms, Guides and Resources

AHP Implementation Plan Targeted Community Lending Plan TurnKey Product Matrix TurnKey Eligibility Questionnaire TurnKey User Guide – HOPE Rev. 2.16.24 TurnKey Closing Checklist for Members 2010 HUD Mortgagee Letter

Retention

Real Estate Retention Agreement Rev. 2.16.24 Sample Real Estate Retention Agreement

Links

Member Directory Code of Federal Regulations