FHLBank Indianapolis HomeBoost Down Payment Assistance

What is 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).

Do you have to pay it back?

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.

Who qualifies?

FHLBank Indianapolis 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?

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.

Is there eligibility for specific groups?

FHLBank Indianapolis 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?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact Federal Home Loan Bank of Indianapolis (via participating member financial institutions) to reserve funds

   Funds are reserved with the provider 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.