Grant Funds Available for Qualified Homebuyers

Grant Funds Available for Qualified Homebuyers

Buying a home is an exciting milestone - but upfront costs like down payments and closing fees can feel overwhelming. The good news is that qualifying homebuyers may have access to forgivable grant funds of up to $15,000 to help make homeownership more affordable.

At Elkhorn Valley Bank, we're proud to be a participating member of Federal Home Loan Bank of Topeka, which provides funding for special homebuyer grant programs that support communities across our region.

Below, we answer the most common questions about how these programs work and how EVB can help you get started.

What are homebuyer grant programs?

Homebuyer grant programs provide forgivable funds to help eligible buyers cover:

• Down payments
• Closing costs
• Certain purchase-related home repairs

These funds are designed to reduce the upfront financial burden of buying a home and do not need to be repaid as long as program requirements are met.

Where does the grant funding come from?

The funding for these homebuyer grants comes from the Federal Home Loan Bank of Topeka - a regional financial institution dedicated to strengthening communities through affordable housing initiatives.

What is EVB's role in the program?

While the grant funds are provided by FHLBank Topeka, Elkhorn Valley Bank is a proud participating member - meaning:

• Your mortgage application happens through EVB
• Your grant eligibility is reviewed at EVB
• Your loan closes locally with an EVB lender

You receive the benefit of nationally supported housing grants while working one-on-one with a trusted, local EVB mortgage expert throughout the entire homebuying process.

What is the Homeownership Set-Aside Program (HSP)?

The Homeownership Set-Aside Program is designed for first-time homebuyers who are ready to purchase but need help covering upfront costs. Eligible buyers may receive:

• Up to $15,000 in forgivable grant funds
• Assistance for down payment, closing costs, and eligible repairs
• Required completion of a homebuyer education course
• A five-year home retention requirement

What is the Homeownership Possibilities Expanded (HOPE) Program?

The HOPE Program serves a broader range of homebuyers - including repeat buyers. Eligible buyers may receive:

• Grant funds starting at $2,500 (amount varies based on availability and need)
• Assistance for down payment, closing costs, and eligible repairs
• No first-time homebuyer requirement
• A five-year home retention requirement

This program is designed for moderate-income households who may not qualify for traditional first-time buyer assistance.

Why should I work with EVB for my homebuyer grant and mortgage?

Working with EVB means your home financing stays local and personalized. Our lending team offers:

• Personalized mortgage guidance
• Knowledge of local housing markets
• Support from pre-qualification through closing

We help you explore both mortgage options and available grant funds to ensure you're taking full advantage of opportunities that make homeownership more affordable.

How do I get started?

The best first step is connecting with an EVB lender to:

• Get pre-qualified for a mortgage
• Review homebuyer grant eligibility
• Learn about financing options that fit your goals

If you're thinking about buying your first home - or moving into your next one - these grant programs could significantly reduce your upfront costs. Contact your local EVB branch today to start your homebuying journey with confidence.