HOP Homeownership Opportunities Program.
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Who does it benefit?
First time home buyers may quality for the HOP grant based on their total household income and family size for the county in which the home is located.
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How much can you receive?
For every $1.00 that the home buyer pays into the mortgage transaction they can receive $3.00 in grant funds.
Example: $2,500.00 of the buyer funds into the mortgage transaction qualifies you to receive $7,500.00 (maximum) grant.
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Would I Qualify?
See the chart below based on family size, total household income and Traverse City Area county in which the property is located.
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Does the grant have to be repaid?
The grant is forgivable at the rate of 1/60 per month.
After five years the debt is totally forgiven.
If the your Traverse City Home is sold before within years, the amount of the recapture will be prorated.
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1. The home buyer must contribute a minimum of $500.00 of their own cash towards the purchase of the home.
The remaining match can come from eligible sources such as a gift, other grants, forgivable loans and expenses paid outside of closing.
2. Face to Face home buyer counseling is required.
3. Home must be a primary residence.
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1 Person |
2 People |
3 People |
4 People |
5 People |
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Antrim County |
$29,500.00 |
$33,700.00 |
$37,950.00 |
$42,150.00 |
$45,500.00 |
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Benzie County |
$29,500.00 |
$33,700.00 |
$37,950.00 |
$42,150.00 |
$45,500.00 |
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Grand Traverse County |
$35,450.00 |
$40,500.00 |
$45,600.00 |
$50,650.00 |
$54,700.00 |
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Kalkaska County |
$29,500.00 |
$33,700.00 |
$37,950.00 |
$42,150.00 |
$45,500.00 |
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Leelanau County |
$36,100.00 |
$41,300.00 |
$46,450.00 |
$51,600.00 |
$55,750.00 |
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