Home Ownership Opportunity Act of 1987

Home Ownership Opportunity Act of 1987 - Amends the Internal Revenue Code to permit an individual who has had no present ownership interest in a principal residence during the three-year period immediately preceding the purchase in question to use tax-free distributions from an individual retirement account or annuity to purchase a home if: (1) the purchase is made within 90 days of the distribution; and (2) amounts equal to the distribution amount have been paid into the affected account at least 12 months prior to the purchase. Limits to an aggregate maximum of $10,000 the amount of distributions that may be used in this way.