Homeownership – it’s a vital part of the American dream. But over the years, that dream has yet to become reality for so many working class Americans due to inflation, low wages, high interest rates and more, making affording a down payment an unattainable goal.
At Merchants Bank, we know how difficult it can be to take the LEAP into homeownership. That’s why we are proud to offer the Lender Equity Assistance Program (LEAP), a $10,000 grant designed to make homeownership dreams a reality. We are honored to give eligible first-time homebuyers a leap forward toward homeownership with a LEAP grant, which can be used for down payment, closing costs and homebuyer counseling expenses.
To qualify for a LEAP grant of $10,000 you must:
- Be a first-time homebuyer (no ownership in a principal residence during the last 3 years);
- Have income at or below 80% of the local Area Median Income (AMI);
- Purchase an owner-occupied single-family home, condominium, duplex, or modular unit located in Marion, Hamilton, Randolph, or Wayne County, Indiana;
- Complete a required HUD-approved homebuyer counseling course prior to closing; and
- Use the grant for down payment, closing costs, or reimbursement of counseling expenses (no cash back).
Applicants are subject to credit approval. All funds are limited and are available on a first-come, first-served basis. Merchants Bank of Indiana will work directly with homebuyers to ensure individuals meet the LEAP program requirements.
Are you interested in learning more about what a LEAP grant could do for you and your family? Contact Mortgage Loan Originator for more information.