Michigan HomeBoost Down Payment Assistance

If you’ve been dreaming of homeownership but struggling with saving funds for a down payment, the HomeBoost mortgage program may be able to help. HomeBoost is a minority down payment assistance program that offers up to $15,000 in grant funding to qualified first-time homebuyers in Michigan and Indiana. Not sure if you’ll qualify? Read on for eligibility requirements and to learn if HomeBoost can help make your dreams of homeownership come true.

Minority Household Requirements

The HomeBoost down payment assistance program promotes diversity in homeownership by offering grants to individuals who intend to purchase a primary in Michigan and Indiana and who identify as:

  • Black or African American
  • Asian
  • Hispanic
  • Indian American or Alaska Native
  • Hawaiian or Other Pacific Islander

Borrowers must self-identify as one of the above ethnicities on their mortgage loan credit application or the program’s minority self-identification form to qualify for assistance.

Additional HomeBoost Eligibility Requirements

Along with self-identifying as a minority, additional eligibility requirements for the HomeBoost program apply.

Income Guidelines

Eligible homebuyers must have a projected household income at or below 120% of the local area medium income. The homebuyer may not be a student with no income or part-time income who would ordinarily have a reasonable prospect for increased earnings that would exceed eligibility requirements.

Property Type Guidelines

Homebuyers can select property types that include owner-occupied 1-4 family properties, townhouses, condominiums, cooperatives, and manufactured housing deemed real estate. All homes must be permanently affixed to a permanent foundation, be an existing dwelling, and be titled as real estate.

Homebuyer Contribution

Borrowers must contribute at least $500 in personal funds to the home purchase transaction.

Homebuyer Counseling

The homebuyer must complete a homebuyer counseling or education program through an organization certified by HUD or a state Housing Finance Agency. Homebuyer counseling must be completed before home closing and generally not one year before the program enrollment date.

How Long is HomeBoost Available?

The HomeBoost minority down payment assistance program began its pilot round of funding on September 5, 2023, with $2,500,000 available on a first-come, first-serve basis. Assistance will be open until funds are exhausted or by March 5, 2024, whichever occurs first. If you’re interested in participating in the HomeBoost program, Julie Krumholz is a participating FHLBank Indianapolis member andcan review the complete guidelines with you and help you navigate the application process.

Michigan HomeBoost Down Payment Assistance
Interested in HomeBoost Down Payment Assistance?

Julie Krumholz from Superior National Bank is part of a participating FHLBank Indianapolis member financial institution and can help you apply. With over 30 years of experience, Julie has helped match homebuyers with the best programs for their needs. She’s experienced nearly every facet of the mortgage industry, from processing, closing, loan origination, underwriting, QC auditing, and even co-owning a mortgage brokerage firm. Julie applies her knowledge to help first-time and seasoned homebuyers with a seamless homebuying experience.

Call Julie at 586-382-5482 to apply for the HomeBoost Program