Modern Lending Guide to the HOPER Program

The HOPER Program is bridging the gap between rental poverty and homeownership with new initiatives that bring down payments while offering affordable mortgage options. The HOPER (Home Ownership, Promotion, Education, and Research) Program is an FHA-backed initiative to help future homeowners by offering incentives to use toward down payments, closing costs, and other costs associated with purchasing a home.

What is the HOPER Program?

The Hoper Loan Program aims to make homeownership accessible while also promoting clean energy practices by offering monetary incentives for energy efficiency elements in the home. 

Who Qualifies for the HOPER Program 

HOPER program eligibility criteria ensure that the benefits go to residents who need extra assistance. Recipients must be buying a single-family primary residents. The HOPER Program exists in all states except for North Dakota, South Dakota, Alabama, Hawaii and Alaska. All recipient must complete a 6-8 hour online homebuyer education course. A minimum 620 credit score is required. Homeowners must also agree to installing solar panels, financed through the FHA loan soon after closing.

How the Program Helps Buyers

The HOPER Program not only offers substantial financial assistance for renters looking to become homeowners, but also contributes to sustainable living by having homeowners adopt clean energy practices.

 Key Benefits of the HOPER Program

Customers who choose a HOPER FHA Mortgage can earn 3.5% cash back on their home purchase up to $13,000 that can be used in any way to aid in the home buying process.

• Lower down payments
• Competitive mortgage rates
• Flexible credit score requirements
• Assistance with closing costs 
• 30% Federal Tax Credit

 How to Apply for the HOPER Program

• Step 1: Check your eligibility - Prospective homeowners must get pre-approved for an FHA mortgage through a lender. Modern Lending offers FHA loans for the HOPER Program if applicant meets requirements.  
• Step 2: Gather your necessary documents - To receive the HOPER FHA Loans, you must provide necessary documents including proof of income, employment history, and credit reports. 
• Step 3: Work with a trusted lender - Working with a trusted lender can streamline the HOPER process and help you get the right information. Modern Lending can help you in receiving a HOPER Loan. 
• Step 4: Secure approval and close on your home — And just like that, you have a home, under your name, discounted and with ultra low energy bills!

Become a Homeowner with the HOPER Program

It almost seems too good to be true, huh? Well, it's not. This program was designed specifically to help people trying to achieve homeownership but cannot overcome the hurdles of high down payments and mortgage rates. 

Modern Lending is dedicated to helping everyone own the home of their dreams by offering expert guidance on navigating home loan programs, fast and easy applications, and competitive rates. Not to mention, our team of experts is there for you every step of the way! Ready to buy a home with affordable financing? Contact Modern Loans today to see if you qualify for the HOPER program and start your journey to homeownership!