HOP - Home Ownership Program Homeownership Program (HOP): for the low-income family that can’t quite obtain a home loan from conventional methods. This program offers homes to those that meet the IRHA and HUD requirements to purchase a home from IRHA over a 20 year period. Monthly payments are based on the households monthly income.
The intent of this program is to help people who cannot acquire a conventional
mortgage to become homebuyers. This program is essentially a 20-year
mortgage at 4% interest, allowing the families to establish good credit
with IRHA acting as a mortgage company.
Applicants are required to pay a Minimum Monthly Payment (MMP) of $250 or 30% (Fairbanks), 15% (Rural) of their Adjusted Gross Income (AGI), whichever is greater.
If payments fall below the MMP or the calculated MMP is less than $250, Principal Reduction is placed on hold until income allows payments of at least the MMP for amortization. This hold time is limited to 18 months over the entire term of mortgage.
The family must meet requirements as established by HUD/NAHASDA:
