HomeOwnership Program Financing (HOP)

What is HomeOwnership Program Financing (HOP)?

HomeOwnership Program Financing (HOP) is a grant for homebuyers in Reading, Pennsylvania.

• The HomeOwnership Program (HOP) is NHS Greater Berks's signature portfolio first-mortgage product. NHS originates, underwrites, and services HOP loans in-house using portfolio-lending guidelines that consider full credit history, alternative tradelines, and household budget rather than scorecard-only underwriting. HOP is intended for buyers who cannot qualify for FHA / VA / USDA / Conventional financing through traditional channels but who have demonstrated capacity to repay through NHS counseling. HOP can be paired with NHS's Closing Cost Assistance Loan (CCAL) to cover closing costs.
• NHS Greater Berks's flagship in-house first-mortgage product. The HomeOwnership Program (HOP) is a portfolio first-mortgage loan offered by NHS, designed for credit-worthy buyers who do not qualify for FHA, VA, USDA, or Conventional financing through traditional channels. HOP includes paired closing-cost and down-payment financing flexibility and is fully servicer-retained by NHS.
• Funding comes from NHS CDFI capital, PHFA Housing Trust Fund, FHLB AHP, and Local Government.

Do you have to pay it back?

HomeOwnership Program Financing (HOP) is structured as a grant, so it is not repaid.

• Repayment is triggered by Standard monthly amortization over the loan term and due on sale, refinance, or transfer.
• The assistance is recorded in 1 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

HomeOwnership Program Financing (HOP) is open to buyers who will live in the home as their primary residence.

What are the income limits?

HomeOwnership Program Financing (HOP) limits household income to 140% of the area median income, which varies by county and household size.

• Household income approximately $52,500 (1-person) up to $129,872 (8-person, ~140% Reading MSA AMI). Limits updated annually.
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• 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?

HomeOwnership Program Financing (HOP) caps the purchase price as follows: Tracks NHS Greater Berks portfolio underwriting guidelines.

• Eligible property types include Single-family detached, Townhouse, Condominium, and 2-4 unit (owner-occupied).
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

HomeOwnership Program Financing (HOP) serves buyers purchasing in Reading, Pennsylvania.

• The program targets specific areas: Berks County, PA and the City of Reading.

How do you apply?

Applications for HomeOwnership Program Financing (HOP) go through the administering agency, 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 NHS Greater Berks HUD-approved housing counseling program; pre-purchase 8-hour homebuyer education and one-on-one counseling required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Direct-to-NHS application; first-come, first-served subject to NHS portfolio capacity., 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.