HOPE Credit Union Affordable Housing Program

What is HOPE Credit Union Affordable Housing Program?

HOPE Credit Union Affordable Housing Program is a first mortgage for homebuyers in Mississippi, administered by Hope Credit Union (HOPE / Hope Federal Credit Union).

• HOPE Credit Union's Affordable Housing Program is a special mortgage option for low- to moderate-income borrowers across the Deep South (including Mississippi), offering up to 100% financing, no PMI, flexible credit standards, and assistance toward down payment and closing costs. HOPE is a CDFI credit union.
• 100% financing on homes up to $350,000 and 97% financing up to $425,000; no private mortgage insurance; competitive fixed rates; nontraditional/alternative credit accepted; assistance toward down payment and closing costs; qualified borrowers may be eligible for down payment assistance based on availability and location.

How much assistance does it provide?

HOPE Credit Union Affordable Housing Program provides assistance worth 100% of the purchase price, as set by the program.

• Amounts are the program's published maximums, not an offer — Hope Credit Union (HOPE / Hope Federal Credit Union) determines any individual award.

Do you have to pay it back?

HOPE Credit Union Affordable Housing Program is a first mortgage and is repaid under the terms set by Hope Credit Union (HOPE / Hope Federal Credit Union).

• The assistance is recorded in first position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

HOPE Credit Union Affordable Housing Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

HOPE Credit Union Affordable Housing Program limits household income to 120% of the area median income, which varies by county and household size.

• No income limits in designated target areas; up to 120% of area median income (AMI) allowed in non-target areas.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

HOPE Credit Union Affordable Housing Program caps the purchase price at $425,000.

Where does it apply?

HOPE Credit Union Affordable Housing Program serves buyers purchasing anywhere in Mississippi.

• The program targets specific areas: Income limits are waived in designated target areas.

How do you apply?

Applications for HOPE Credit Union Affordable Housing Program go through Hope Credit Union (HOPE / Hope Federal Credit Union), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact Hope Credit Union (HOPE / Hope Federal Credit Union) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.