Home Ownership Assistance Programs

First Commerce Bank’s partnership with the FHLBank Topeka plays a critical role in promoting affordable homeownership in our communities via the Homeownership Set-Aside Program (HSP) and the Homeownership Possibilities Expanded Program (HOPE). These programs are designed to provide assistance in attaining homeownership.

For more information on these programs, please reach out to your local branch and speak with one of our knowledgeable loan officers!

Homeownership Set-Aside Program (HSP)

HSP is designed to provide financial assistance and support low- and moderate-income individuals purchase their first home. The program allocates a portion of the FHLBank’s annual funds specifically for this purpose. These funds are distributed through member financial institutions, like First Commerce Bank, allowing them to offer grants or subsidized loans to eligible homebuyers.

Key features of the HSP:

Applications open March 4, 2024
Income must be at or below 80% of the Area Median Income (AMI)
Maximum subsidy per household: up to $15,000
HSP funds may be used for down payment and closing costs for eligible properties, as well as homebuyer education and eligible repair costs.
HSP is provided to households as a forgivable grant with a five-year retention period

Homeownership Possibilities Expanded Program (HOPE)

The HOPE 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.

Key features of HOPE:

Applications open March 4, 2024
Income must be at or below 150% of the Area Median Income (AMI)
HOPE funds may be used for down payment and closing costs for eligible properties, as well as homebuyer education and eligible repair costs.
NOT limited to first-time homebuyers
Maximum subsidy per household: $12,500
A HOPE subsidy is provided to household as a forgivable grant with a five-year retention period

For more information on these programs, please reach out to your local branch and speak with one of our knowledgeable loan officers!