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Potential First-Time Homeowners Can Celebrate Homeownership Month with Old National's HOP Program

By Jamie Herman, Mortgage Sales Manager, Old National Bank

National Homeownership Month is a time to recognize the importance of owning a home. At Old National, we're committed to strengthening the communities we serve by making homeownership a reality for more families. That's why we're proud to partner with the Federal Home Loan Bank of Indianapolis (FHLBI) and their Homeownership Opportunity Program (HOP).1 

Making Homeownership More Affordable 

The HOP program is a game-changer for first-time homebuyers, especially those in underserved communities. It offers a significant down payment and closing cost assistance of $20,000, the highest amount available to date. This program, funded by the FHLBI, is available throughout Old National's footprint.

Overcoming the Down Payment Hurdle 

The down payment is often the biggest obstacle to homeownership. The HOP program removes this barrier, allowing qualified low-to-moderate income families to achieve their dream of owning a home.

Eligibility and Benefits 

  • First-come, first-served basis: Apply early! Applications typically open in April.
  • Increased Funding: This year, the program offers a record-breaking $20,000 in assistance.
  • Income Limits: Meet HUD income limits (80% or below) for your county and family size.1
  • Debt-to-Income Ratio: Maintain a front-end ratio at or below 40%.
  • Personal Contribution: Contribute at least $500 of your own funds. 

The Home Manager Program, often paired with HOP, has seen great success, particularly in growing markets like Chicago and Minneapolis. To learn more about Old National’s Home Manager Mortgage Program, other homeownership assistance programs, or to connect with a Mortgage Expert, click here.

Taking the First Step 

If you're interested in the HOP program, reach out to an Old National Loan Officer. They'll pre-qualify you and handle the grant application on your behalf. 

Let's Talk Homeownership 

Our own team members have used HOP to achieve homeownership. Combined with other assistance programs, HOP helped overcome repair hurdles and make the dream a reality. 

Contact a Loan Officer today! We can answer your questions and guide you through the HOP qualification process. 

1Total household income cannot exceed 80% of area median income. Geographical limitations apply. Additional qualifications may apply. Program details are subject to change without notice. Old National reserves the right to discontinue offer at any time. Subject to credit approval. Property insurance required. Rates are subject to change daily. Contact an Old National Mortgage Lender for product details.

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