FHLBank Indianapolis HomeBoost Down Payment Assistance

Overview

If your parents never owned a home, this is the biggest grant in Michigan: up to $25,000 through participating banks and credit unions.

Detailed requirements

First-time homebuyer who is also first-generation (no parent owned a home). Household income at or below 120% of Area Median Income. Primary residence in Michigan or Indiana. Homebuyer counseling required. Funds requested through a participating FHLBank Indianapolis member lender while the annual allocation lasts. Covers down payment, closing, and counseling costs.

Eligibility at a glance

First-time buyer required

Yes

Max income (% AMI)

120%

Owner-occupied required

Yes

Homebuyer education required

Yes

Note: First-generation buyer: neither you nor your parents have owned a home (or you were in foster care). Funds are first-come, first-served each round (2026 round opened July 8) and are requested by a participating lender on your behalf. Also available in Indiana.