Successful Mortgage Program Exhausts Funds In First Month of Launch
The Homeownership Possibilities Expanded (HOPE) program reached capacity, providing $4.1 million in reserved subsidy funds to qualified homebuyers within the first month of the program’s launch. HOPE is part of the new TurnKey suite of mortgage assistance programs offered through Union State Bank and Federal Home Loan Bank (FHLB) Topeka.
“With these programs, we help low to moderate income families to become homeowners who otherwise might not be able to afford to own a home,” explained Kandis Gray, Union State Bank’s Director of Mortgage Processing and Servicing.
This is the first year for the HOPE program, which is designed to provide up to $12,500 down payment and closing cost assistance to low- and moderate-income homebuyers. The HOPE program removes the first-time home buyer requirement and allows for a higher household income limit than other grants Union State Bank has offered through FHLB Topeka.
“The HOPE program will offer a larger group of borrowers the opportunity to qualify due to the higher income limits,” said Brenda Butters, Mortgage Loan Officer with Union State Bank.
Traditionally, Union State Bank through FHLB Topeka has only offered the Homeownership Set-aside Program (HSP). The HSP grant program is limited to low to moderate income first-time home buyers. The newly developed TurnKey suite of programs include both the HOPE and HSP grants, as well as an additional specialty grant for designated high-cost and difficult development areas. In total $18.5 million in grant funds is available for 2024 TurnKey participants.
“We’re excited to get even more grant dollars distributed to our borrowers by removing the first-time home buyer requirements,” said Brittany Welch, Union State Bank’s Chief Credit Officer.
Federal Home Loan Bank Topeka is part of the nationwide Federal Home Loan Bank System, created to provide financial institutions with the resources to support housing and community development. The Topeka branch serves financial institution members like Union State Bank, in Colorado, Kansas, Nebraska, and Oklahoma, playing a vital role in fostering homeownership and economic growth in the region.
Although the HOPE program is closed, Union State Bank continues to accept applications for TurnKey’s HSP grant program. To take advantage of the Turnkey Mortgage Program, interested individuals should connect with a member financial institution affiliated with the Federal Home Loan Bank of Topeka. These institutions act as conduits, providing access to the resources and benefits offered by the program.
“Have a conversation with a qualified loan officer to discuss the programs, what the rates are and determine an amount that is affordable within your budget. We are here to assist individuals and families who would like to obtain homeownership with affordable housing,” Gray said.
About Union State Bank: Founded in 1908, Union State Bank has banking locations serving communities of Arkansas City, Newton, Udall, Winfield, and Wichita in Kansas and in Bartlesville and Edmond, Oklahoma. Union State Bank offers a full range of electronic, deposit and cash management services, as well as business and agriculture, commercial real estate, construction, mortgage, residential and consumer loans. Member FDIC. Equal Housing Lender, NMLS# 412388