TurnKey

For more than 25 years, FHLBank Topeka has provided down payment and closing cost assistance to very low-, low- and moderate-income first-time homebuyers as part of our commitment to making housing accessible and affordable in our district.

Introducing TurnKey, FHLBank’s new suite of products designed to provide assistance and address the challenges of attaining homeownership in Colorado, Kansas, Nebraska and Oklahoma. We are proud to support the dream of homeownership and partner with our members to build communities and change lives.

Watch the TurnKey video below to learn about the new suite of products.

TurnKey Introduction Video

HSP

The Homeownership Set-aside Program provides down payment, closing cost and repair assistance to first-time homebuyers earning at or below 80% of the Area Median Income (AMI) for households purchasing or constructing homes in our four-state district.

HSP+

The Homeownership Set-aside Program Plus provides down payment, closing cost and repair assistance to first-time homebuyers earning at or below 80% AMI for households purchasing or constructing homes in High-Cost Areas and non-metropolitan Difficult Development Areas in our four-state district.

HOPE

The Homeownership Possibilities Expanded product 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 in our four-state district. HOPE is NOT limited to first-time homebuyers and household income must be at, or below 150% of the Area Median Income.

Registration

To participate in any TurnKey programs, a TurnKey Member Registration Agreement (Registration Agreement) must be completed and submitted to TurnKey@fhlbtopeka.com. The prior HSP Member Registration Agreement on file with FHLBank Topeka is no longer valid. All members must register to participate in the 2024 TurnKey programs. Upon receipt of the Registration Agreement members may reserve funds during the current and subsequent year's TurnKey funding periods for which subsidies are available.

The Registration Agreement must be signed by a representative from your institution who is included on the FHLBank Credit Resolution, the FHLBank Credit Authorization or the FHLBank AHP/HSP Authorization Form. Only one Registration Agreement per member is required.

TurnKey Registration Agreement

Message to Homebuyers
The TurnKey products are offered in partnership with FHLBank members. FHLBank does not work directly with homebuyers and does not originate home loans. Contact a participating FHLBank member to apply.

Homebuyer Education

Homebuyer education is required for HSP and HSP+. FHLBank will accept certificates from providers approved by the organizations listed below. In general, if the homebuyer education provider is accepted by Fannie Mae or Freddie Mac, FHLBank will accept the course. This includes the online courses CreditSmart, Framework and Homeview.

United States Department of Housing and Urban Development (HUD): http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
National Industry Standards of Homeownership Education and Counseling: https://homeownershipstandards.org/home/Home.aspx
Federal National Mortgage Association: http://www.fanniemae.com
Federal Home Loan Mortgage Corporation: http://www.freddiemac.com
Habitat for Humanity

General Homebuyer Education Requirements:

Homebuyer education must be completed within the current or previous calendar year of the purchase closing date. The date of course completion must be visible on the homebuyer education certificate.
Only one adult household member must complete the homebuyer education course and be named on the certificate.
The provider must sign the certificate if the course is taken in a classroom or face-to-face setting. If the course is taken online, the homebuyers signature is not required.
If Homebuyer Education is taken through an online platform, such as EHomeAmerica, ensure the provider meets FHLBank Requirements. EHomeAmerica is not the Homebuyer Education provider.

FHLBank recommends the required homebuyer education course be taken prior to the loan closing.

HSP Online

Resources

Second Quarter 2024 Maximum Mortgage Rates

First Mortgage: 8.82
Second or Subsequent Mortgage: 10.82

Member Authorization Forms
Authorization Form identifies your institution's officers, employees and/or agents who are authorized to complete and execute applications, agreements, disbursements requests, reservations, forms and other documents related to the AHP and TurnKey.

AHP/HSP Authorization Form - Supplemental allows you to designate a new authorized user to the AHP/HSP Authorization Form on file with FHLBank Topeka. Use the AHP/HSP Supplemental Form to add new authorized users for AHP/HSP Online. If you need to remove an authorized user email turnkey@fhlbtopeka.com.

Income

Income Calculation Workbook Rev. 3.19.24 AHP/TurnKey Income Calculation Guide Rev. 2.16.24 TurnKey Income Limits Rev. 2.5.24 AHP/TurnKey Zero Income Certification Form AHP/TurnKey Verification of Employment AHP/TurnKey Profit & Loss Statement

Forms, Guides and Resources

AHP Implementation Plan Targeted Community Lending Plan TurnKey Product Matrix TurnKey Eligibility Questionnaire TurnKey User Guide – HSP/HSP+ Rev. 2.16.24 TurnKey Closing Checklist for Members TurnKey User Guide – HOPE Rev. 2.16.24 2010 HUD Mortgagee Letter

Retention

Real Estate Retention Agreement Rev. 3.20.24 Sample Real Estate Retention Agreement

Links

Member Directory Code of Federal Regulations Participating Members List