The Homeownership Opportunity Program (HOP) – Provides short-term, temporary financing for the acquisition and rehabilitation of vacant properties in, or in imminent danger of foreclosure, and for properties in a foreclosure impacted area. These loans are taken out by standard first mortgage products when the rehabilitation is completed.
An owner occupant with a total income less than $93,100 and pre-approved for a first mortgage sufficient to take out the HOP loan.
Not in mortgageable condition and a single family detached, zero lot line town home, owner occupied duplex, manufactured home on a permanent foundation, AND be vacant as the result of foreclosure of be in imminent danger of foreclosure with a negotiated short sale or be in a foreclosure
Structured as 0 down with equity realized from rehab (after improved value AIV)