Owning a home isn’t just about having a place to live—it’s about stability, wealth-building, and creating a foundation for future generations. Yet for many families, the biggest barrier to homeownership isn’t affording the monthly mortgage payment—it’s coming up with the down payment and closing costs.
That’s where Federal Home Loan Bank of Topeka’s Homeownership Set-aside Program (HSP) and Homeownership Opportunities Expanded (HOPE) programs come in. These programs are available through local banks, thrifts, and credit unions who belong to FHLBank Topeka. Known as “FHLBank members”, they use these programs to help their customers turn the dream of owning a home into reality for more families in our community.
Breaking Down the Programs
Homeownership Set-aside Program (HSP)
- Provides up to $15,000 per household to assist with down payment, closing costs, and purchase related repairs.
- Designed to help first-time homebuyers who meet income eligibility requirements.
- Income Limit: Available to households whose incomes are at or below 80% of Area Median Income (AMI).
- Program funds are limited and awarded in the order that FHLBank members apply.
Homeownership Opportunities Expanded (HOPE)
- Provides up to $12,500 per household to assist with down payment, closing costs, and purchase related repairs.
- Not limited to first-time homebuyers.
- Income Limit: Available to households with incomes at or below 150% of the Area Median Income (AMI).
- Program funds are limited and awarded in the order that FHLBank members apply.
Understanding Area Median Income (AMI)
2025 HSP Eligibility (80% of AMI):
- 1-4 Member Household: $69,850
- 5-8 Member Household: $92,250
2025 HOPE Eligibility (150% of AMI):
- 1-4 Member Household: $130,969
- 5-8 Member Household: $172,969
“Programs like HSP and HOPE are crucial to transforming traditionally under-resourced communities into thriving mixed-income environments,” said Johnathan Sublet, Executive Director. “By working together with our local lenders, we can connect families with the financial tools they need to break generational cycles of renting and build lasting wealth through homeownership.”
Why Homeownership Matters
1. Building Generational Wealth
Owning a home is one of the strongest ways to build wealth over time. Instead of paying rent each month with nothing to show for it, homeowners are building equity—an asset that can be passed down to future generations.
2. Stability for Your Family
Rent prices are unpredictable and often increase year after year. Owning your home means predictable payments and the ability to create a long-term, stable living situation for you and your children.
3. Strengthening the Neighborhood
Homeowners are more likely to invest in their communities, leading to stronger, safer, and more vibrant neighborhoods. When more families own homes, property values rise, local businesses thrive, and schools and infrastructure improve.
Your Path to Homeownership: Next Steps
- Find a participating FHLBank Member
- Work with a participating lender to determine household eligibility and learn about the application process.
- A list of participating FHLBank members can be found at https://www.fhlbtopeka.com/turnkey under “Links”.
- Start Your Home Search
- After determining household eligibility, begin looking for a home within your budget. Consider neighborhoods where homeownership can have a lasting impact for you and your community.
- Secure Your Funding
- Use the grant to help cover your down payment and closing costs.
- Work with your FHLBank member to finalize the purchase and move into your new home!
Now Is the Time
Homeownership isn’t just for the wealthy—it’s for anyone ready to invest in their future. With programs like HSP and HOPE, the barriers to buying a home are lower than ever. If you’ve been renting and wondering if you’ll ever be able to buy, this could be the opportunity you’ve been waiting for.
Take the first step today. Contact a participating FHLBank member today and learn how they can help make your homeownership dream a reality.