HomeBoost is a down payment assistance program available to participating Members of Federal Home Loan Bank to provide eligible first-time homebuyers* with funds for down payment and closing costs for purchasing their primary residence.
Funds are limited, are available on first-come, first-served basis, and are not subject to lien or repayment.
Program Requirements
Merchants Bank of Indiana works directly with applicants to ensure program requirements are met. To qualify for HomeBoost you must:
- identify as Black or African American, Asian, Hispanic, Indian American, or Alaska Native, and/or Native Hawaiian or Other Pacific Islander;
- have household income at or below 120% of the local Area Median Income;
- be a first-time homebuyer (no ownership in principal residence during the last 3 years)
- purchase an owner-occupied 1-4 family property in Indiana or Michigan (includes Townhomes, Condominiums, Cooperatives, and Manufactured Housing);
- contribute a minimum of $500 in personal funds toward the transaction;
- complete a required HUD-approved homebuyer counseling course.
*Definition of first-time homebuyer is defined as having no homeownership or real estate interest in the last 3 years.
Qualifying households could get up to $15,000 in assistance with a mortgage from Merchants Bank of Indiana, a Federal Home Loan Bank Indianapolis Member.
