HSP

*The initial allocation of the 2024 HSP funds has been exhausted. Funds for withdrawn, ineligible and expired reservation will be transferred back to the allocation remaining and available for reservation. For funds availability inquiries, please have an AHP/HSP Online Authorized User for your institution log into HSP Online and view the Allocation Remaining on the dashboard.

FHLBank Topeka sets aside funds annually within the Affordable Housing Program (AHP) to assist very low, low-, and moderate-income first-time homebuyers.

The Homeownership Set-aside Program (HSP) 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 Colorado, Kansas, Nebraska and Oklahoma. The HSP is provided to households as a forgivable grant with a five-year retention period.

This program is a partnership with FHLBank members. Members work with qualified homebuyers, submit documents to FHLBank, provide the grant funds at closing and request reimbursement of the funds after closing. Homebuyers should contact an FHLBank member to apply for HSP grant funds.

2024 HSP Details

HSP round opens March 4, 2024
Funds available: $12.9 million
Maximum subsidy per household: $15,000
Minimum subsidy per household: $2,500
Member monthly limit: $105,000
Reservations will be accepted on a first-come, first serve basis, subject to member limits through Nov. 29, 2024

HSP Online

Registration

Members of FHLBank Topeka are eligible to participate in the TurnKey programs. Members interview homebuyers, determine and certify household eligibility and submit grant reservations to FHLBank. To participate in any TurnKey programs, a TurnKey Member Registration Agreement (Registration Agreement) must be on file with FHLBank. Contact TurnKey@fhlbtopeka.com for registration information.

Message to Homebuyers
The TurnKey programs are offered in partnership with FHLBank members. FHLBank does not work directly with homebuyers and does not originate home loans. Contact an 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