FHLBank Indianapolis HomeBoost Down Payment Assistance

FHLBank Indianapolis HomeBoost Down Payment Assistance is a grant for homebuyers in Michigan, administered by Federal Home Loan Bank of Indianapolis (via participating member financial institutions). Multistate (Indiana and Michigan) down payment assistance program for first-generation, first-time homebuyers at or below 120% AMI. Provides assistance for down payment, closing, and counseling costs. Delivered exclusively through FHLBank Indianapolis member financial institutions; the Bank does not work directly with households. 2026 round opens July 8 with a $5.3M allocation. Down payment, closing cost, and housing-counseling cost assistance for first-generation, first-time homebuyers (reported up to $25,000 per household in prior round; confirm current-round cap with participating member).

FHLBank Indianapolis HomeBoost Down Payment Assistance is structured as a grant, so it is not repaid. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

FHLBank Indianapolis HomeBoost Down Payment Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required. Must be BOTH a first-generation AND a first-time homebuyer. Must apply for first-mortgage financing with a participating FHLBank Indianapolis member, provide an executed purchase contract, provide evidence of household income, complete pre-purchase homebuyer education, and contribute a minimum $500 of own funds. Subject to a retention agreement. FHLBank Indianapolis does not work directly with households. 2026 round opens July 8. Per-household cap not stated on current page; confirm with member lender.

FHLBank Indianapolis 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 Area Median Income for Indiana or Michigan. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

FHLBank Indianapolis 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.

FHLBank Indianapolis HomeBoost Down Payment Assistance serves homebuyers purchasing anywhere in Michigan.

Applications for FHLBank Indianapolis HomeBoost Down Payment Assistance go through Federal Home Loan Bank of Indianapolis (via participating member financial institutions), 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.