Brightpoint Home Advantage

Brightpoint Home Advantage is a first mortgage for homebuyers in Fort Wayne, Indiana, administered by Brightpoint Development Fund / Midwest America Federal Credit Union. Brightpoint Home Advantage is a pilot mortgage-access program by Brightpoint Development Fund (Community Action agency of Northeast Indiana, Prosperity Indiana member) with Midwest America Federal Credit Union. A reserve guarantees 90% of loan deficiency in default, enabling lending to credit-worthy buyers facing barriers to conventional mortgage access. At least 84% of loans reserved for Allen County; up to 16% statewide. Mortgage loans up to $225,000 for primary residence purchase; up to 100% financing of appraised value (105% with approved improvements); accepts credit scores as low as 580; housing counseling from Brightpoint. Funding comes from Fort Wayne New Market Tax Credit LLC ($500,000 reserve); Brightpoint Development Fund ($100,000 reserve); Midwest America Federal Credit Union.

Brightpoint Home Advantage offers up to $225,000 in assistance. Amounts are the program's published maximums, not an offer — Brightpoint Development Fund / Midwest America Federal Credit Union determines any individual award.

Brightpoint Home Advantage is a first mortgage and is repaid under the terms set by Brightpoint Development Fund / Midwest America Federal Credit Union. The assistance is recorded in 1st position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Brightpoint Home Advantage is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 580; non-traditional credit may be considered after counseling. A homebuyer education course is required, through Brightpoint housing counseling and homeownership readiness services. Citizenship or immigration status: US citizens, permanent residents, or non-permanent residents with valid work visa. Applicants must be referred by Brightpoint. Must meet Midwest America FCU underwriting guidelines. Income may not exceed 120% AMI. Must complete required homebuyer counseling. Must set up autopay. Past eviction or criminal history not automatically disqualifying. $1,500 minimum for closing costs. Home must be in Indiana; at least 84% of loans in Allen County. Pilot program; fund availability subject to change.

Brightpoint Home Advantage limits household income to 120% of the area median income, which varies by county and household size. 120% AMI for Fort Wayne MSA. $73,900 (1-person), $84,500 (2-person). Full table by household size on program page. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Brightpoint Home Advantage can be used for single_family. New construction is eligible.

Brightpoint Home Advantage serves homebuyers purchasing in Fort Wayne, Indiana.

Applications for Brightpoint Home Advantage go through Brightpoint Development Fund / Midwest America Federal Credit Union, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.