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.
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.
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.