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FHLBI HomeBoost Program
See how the HomeBoost Program could help you
The HomeBoost Down Payment Assistance Program is available to first-generation and first-time homebuyers who meet certain eligibility criteria. Qualifying households may receive up to $25,000 in down payment and closing cost assistance.
What is HomeBoost?
HomeBoost is a special purpose credit program (SPCP) offered by the Federal Home Loan Bank of Indianapolis (FHLBank). Christian Financial is a member of the FHLBI, and can apply for their grants on behalf of our members.
Qualifications
Qualifications for HomeBoost Grant Funding
To qualify, you must be a first generation first time homebuyer:
First-Generation Homebuyer
Applicants must meet one of the following qualifications
- The parents and/or legal guardian of at least one borrower does not currently own a home in the United States and has not previously owned a home in the United States;
- At least one borrower has aged out of foster care; or
- At least one borrower has become emancipated.
First-Time Homebuyer
- An individual who has had no ownership in a principal residence during a three-year period ending on the date of the purchase of the property.
Additional Required Qualifications
In addition to the above criteria, applicants must meet all of the following:
Household Income Requirements
In addition to one of the above criteria, applicants must also have a household income at or below 120% of the local Area Median Income.
Pre-Approved
Pre-Approved by our mortgage company, Mortgage Center
Purchase Location
Applicants must be purchasing a home within Michigan.
First-Time Homebuyer
Applicants must be a first time homebuyer.
Mortgage Education
Homebuyer(s) must contribute a minimum of $500 in personal funds toward the home’s purchase transaction
Personal Contribution
Homebuyer(s) must contribute a minimum of $500 in personal funds toward the home’s purchase transaction
Interested in Learning More?
Complete our interest form and someone will be in touch with you shortly. This information is being solicited to determine program eligibility for HomeBoost and for no other purpose.
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Frequently Asked Questions
What is a special purpose credit program (SPCP)?
SPCPs allow lenders to maintain programs that offer special benefits to people that share common characteristics such as race or gender. For example, a SPCP may offer an interest rate discount to people of color. SPCPs are explicitly authorized by the Equal Credit Opportunity Act (ECOA), which otherwise generally prohibits discrimination based on such characteristics. SPCPs are used as a tool to address historical barriers faced by underserved groups in accessing credit.
Is HomeBoost a new program?
HomeBoost was introduced as a pilot program by the Federal Home Loan Bank of Indianapolis in 2023. After evaluation of the program, it was determined the program should continue in 2024.
How much in grant funds are available?
Qualified applicants could receive up to $25,000 in down payment or closing cost assistance.
How is "First Generation" being defined for purpose of eligibility?
For the purposes of the HomeBoost eligibility criteria, “First Generation” means homebuyer(s) who self-certify that:
- The parents and/or legal guardian of at least one borrower does not currently own a home in the United States and has not previously owned a home in the United States,
- At least one borrower has aged out of foster care, or
- At least one borrower has been emancipated
When does this program end?
There are a limited number of grant funds available. Eligible households will be assisted on a first-come, first-served basis until funds are exhausted.
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