New Program Helps First-Time Homebuyers in Michigan and Indiana with Down Payments

Saving for a down payment is one of the biggest challenges for people trying to buy their first home. A new program called HomeBoost is here to help.

What is HomeBoost?

HomeBoost is a down payment assistance program that gives grants to help first-time homebuyers cover their upfront costs. Honor Credit Union has partnered with the Federal Home Loan Bank of Indianapolis to offer this program to buyers in Michigan and Indiana.

Applications open on July 8, and grants will be given out on a first-come, first-served basis.

Who Can Apply?

To be eligible for the program, you must:

• Be a first-time or first-generation homebuyer
• Apply for a mortgage through a participating lender like Honor Credit Union
• Have a household income below 120% of your area's median income
• Buy a home in Michigan or Indiana that will be your primary residence
• Complete a homebuyer counseling course
• Contribute at least $500 of your own money toward the purchase

What Types of Homes Qualify?

The program covers several types of properties, including:

• Single-family homes (up to four units)
• Condominiums
• Townhomes
• Co-ops
• Manufactured homes

Do I Need to Be a Credit Union Member?

No, you don't need to be a member of Honor Credit Union to apply. However, you will need to become a member before your loan closes. You can get preapproved before joining.

How to Apply

If you're interested in the HomeBoost program, Honor Credit Union recommends scheduling a call with a local mortgage lender to start the process. For more details, visit honorcu.com/mortgage/homebuyer-assistance.

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Need help with your down payment? Find resources and assistance here!