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.

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

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.

HomeBoost – Down Payment Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Must be BOTH first-generation (parents/guardian never owned a U.S. home, or borrower aged out of foster care or was emancipated) AND first-time (no principal-residence ownership in the prior 3 years). A homebuyer education course is required, through Any organization experienced in homebuyer/homeowner counseling; completion certificate required; in-person or online. Residency requirement: Property must be purchased in Indiana or Michigan as primary residence.

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.

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.

HomeBoost – Down Payment Assistance names first-generation homebuyers 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.

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

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