FHLBank Topeka Homeownership Set-Aside Program (HSP) - Oklahoma

What is FHLBank Topeka Homeownership Set-Aside Program (HSP) - Oklahoma?

FHLBank Topeka Homeownership Set-Aside Program (HSP) - Oklahoma is a grant for homebuyers in Statewide, Oklahoma, administered by FHLBank Topeka (via participating member financial institutions).

• FHLBank Topeka's Homeownership Set-Aside Program (HSP) provides down payment, closing cost, and purchase-related repair assistance as a grant to first-time homebuyers earning at or below 80% AMI purchasing a primary residence in Oklahoma. Funds are distributed through participating FHLBank member institutions on a first-come, first-served basis. A 5-year Real Estate Retention Agreement (RERA) is required. The grant does not need to be repaid if the homeowner retains the property for 5 years.
• Up to $15,000 grant for down payment, closing costs, or purchase-related repairs.
• No repayment if 5-year retention met.
• Homebuyer education support.
• Available statewide through member banks.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Federal Home Loan Bank Topeka Affordable Housing Program set-aside funds.

How much assistance does it provide?

FHLBank Topeka Homeownership Set-Aside Program (HSP) - Oklahoma offers between $2,500 and $15,000 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — FHLBank Topeka (via participating member financial institutions) determines any individual award.

Do you have to pay it back?

FHLBank Topeka Homeownership Set-Aside Program (HSP) - Oklahoma is structured as a grant, so it is not repaid.

• Repayment is triggered by Homeowner must retain property for 5 years; prorated repayment required if sold, transferred, or refinanced within 5-year retention period.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

FHLBank Topeka Homeownership Set-Aside Program (HSP) - Oklahoma is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

FHLBank Topeka Homeownership Set-Aside Program (HSP) - Oklahoma limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% of AMI as defined by HUD for the property county. Limits vary by county and household size. See 2026 TurnKey Income Limits document at fhlbtopeka.com.
• The limit applies to total household income, not only the borrower’s.
• 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?

FHLBank Topeka Homeownership Set-Aside Program (HSP) - Oklahoma caps the purchase price as follows: No stated purchase price cap; first mortgage rate must not exceed 8.46% (Q2 2026); second mortgage must not exceed 10.46%.

• Eligible property types include Single Family, Condo, and Townhouse.
• New construction is eligible.

Where does it apply?

FHLBank Topeka Homeownership Set-Aside Program (HSP) - Oklahoma is a federal program, so it is not limited to Oklahoma.

How do you apply?

Applications for FHLBank Topeka Homeownership Set-Aside Program (HSP) - Oklahoma go through FHLBank Topeka (via participating member financial institutions), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Any provider accepted by HUD, Fannie Mae, Freddie Mac, or NISHEC (CreditSmart, Framework, Homeview, Habitat). Completed within current or prior calendar year of closing..

2. 2

   Contact FHLBank Topeka (via participating member financial institutions) to reserve funds

   Funds are reserved through First-come, first-served through participating FHLBank Topeka member institutions via HSP Online portal; member monthly cap $75,000; program open March 2-Sept 30, 2026, 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.