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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 homebuyers and minorities who meet certain eligibility criteria. Qualifying households may receive up to $25,000 in down payment and closing cost assistance.

Qualifications

Qualifications for HomeBoost Grant Funding

To qualify, you must meet ONE of the following criteria:

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First Generation Homebuyer

Identify as a first-generation homebuyer and meet at least one of the outlined criteria:

The parents or legal guardians of at least one borrower do not currently and have not previously owned a home in the U.S., or
At least one borrower has aged out of foster care, or
At least one borrower has become emancipated.

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Identify as a Minority

Identify as:

Black or African-American,
Asian,
Hispanic,
Indian American or Alaska Native,
and/or Native Hawaiian or Other Pacific Islander

Additional Required Qualifications

In addition to one of the above criteria, applicants must meet all of the following criteria:

Payments

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.

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Purchase Location

Applicants must be purchasing a home within Michigan.

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First-Time Homebuyer

Applicants must be a first time homebuyer.

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 "Minority" being defined for purpose of eligibility?

For the purposes of the HomeBoost eligibility criteria, “Minority” means Homebuyer(s) who self-identify:

Their Ethnicity as “Hispanic or Latino,”
Their Race as “American Indian or Alaska Native,”
Their Race as “Asian,”
Their Race as “Native Hawaiian or Other Pacific Islander,” or
Their Race as “Black or African American”

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.