HomeBoost – Down Payment Assistance

What is HomeBoost – Down Payment Assistance?

HomeBoost – Down Payment Assistance is a forgivable loan for homebuyers in Indiana, administered by Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis).

• HomeBoost is FHLBank Indianapolis's special-purpose down payment assistance program for first-generation AND first-time homebuyers with household income at or below 120% of area median income who are purchasing a primary residence in Indiana or Michigan. It provides the lesser of $20,000 or 20% of the purchase price toward down payment, closing costs, and housing counseling. Like Launch, funds are delivered through participating FHLBI member financial institutions rather than directly to households.
• Up to $20,000 (or 20% of price) toward down payment, closing and counseling costs.
• Targets first-generation buyers.
• Higher 120% AMI income ceiling than standard programs.
• Funding comes from FHLBank Indianapolis special down payment assistance / homeownership set-aside.

How much assistance does it provide?

HomeBoost – Down Payment Assistance offers up to $20,000 in assistance.

• Buyer contribution: Homebuyer must contribute a minimum of $500 in personal funds toward the purchase transaction.
• The program can be combined with Combined with a first mortgage through a participating FHLBI member institution.
• Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) determines any individual award.

Do you have to pay it back?

HomeBoost – Down Payment Assistance is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• Repayment is triggered by Subsidy recaptured from the member (not household) if the purchase does not close within 60 days of disbursement; HomeBoost guidelines impose a retention/recapture mechanism consistent with FHLBI homeownership set-asides (specific retention term not stated in the 2026 guidelines reviewed).
• The assistance is recorded in Subordinate position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

HomeBoost – Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

HomeBoost – Down Payment Assistance limits household income to 120% of the area median income, which varies by county and household size.

• Household income at or below 120% of HUD area median income (AMI) for household size and county, at time of enrollment.
• 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.

What kind of home can it be used for?

HomeBoost – Down Payment Assistance caps the purchase price as follows: No stated maximum purchase price; subsidy capped at lesser of $20,000 or 20% of purchase price.

• Eligible property types include Single Family, Condo, Townhouse, 2-4 Unit, Manufactured, and Co-op.
• New construction is not eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

HomeBoost – Down Payment Assistance names first-generation buyers among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

HomeBoost – Down Payment Assistance serves buyers purchasing anywhere in Indiana.

How do you apply?

Applications for HomeBoost – Down Payment Assistance go through Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Any organization experienced in homebuyer/homeowner counseling; completion certificate required; in-person or online..

2. 2

   Contact Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) to reserve funds

   Funds are reserved through First-come, first-served via FHLBI member through the .GIVES online system until funds exhausted, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.