MORTGAGE

Down Payment Assistance

Mortgage > Mortgage Resources > Down Payment Assistance

Let's Get You Home, Together!

Buying a home is a big step, and we’re here to help make it easier. Down payment assistance programs are designed to give you a boost whether you're a first-time buyer or just need a little extra help. With flexible options and local guidance, we’ll walk you through what’s available and what fits best.

Available Programs

First-Generation DPA

Summary

Up to $25,000 for down payment, closing costs, and escrows.

Timeframe

Pilot; $8M total.

Purpose

Make first-time homeownership attainable.

Funder

MSHDA

Up To Amount

$25,000

Qualification Criteria (Summary)

First-gen buyer, no ownership in 3 yrs. Income & price limits apply. 1% buyer funds. In-person education required.

Special Eligibility

Includes aged-out foster youth & emancipated individuals.

Learn More

MSHDA DPA Grant

Summary

Up to $10,000 for down payment; supports various loan types.

Timeframe

Limited funds; ongoing.

Purpose

Help with down payment on home purchase.

Funder

MSHDA

Up To Amount

$10,000

Qualification Criteria (Summary)

First-time buyers statewide or repeat buyers in targeted areas. 640+ credit. Income & price limits apply. Education required.

Special Eligibility

Targeted areas for repeat buyers.

Learn More

Rate Advantage Program

Summary

Up to $10,000 in rate buy-down assistance

Timeframe

Limited funds

Purpose

Helping deliver below-market note rates to low-income customers.

Funder

N/A

Up To Amount

$10,000

Qualification Criteria (Summary)

Qualifying income must be at or below 80% of HUD AMI, minimum 680 FICO, maximum 45% DTI, and ≤90% LTV, cannot be combined with the low balance rate adjustor program, purchase transactions only.

Special Eligibility

Properties must be located in Indiana or Michigan.

Request Information

FHLBI Down Payment Assistance Programs

First State is a member lender of the Federal Home Loan Bank of Indianapolis (FHLBI).

Revive Home Repair Grant

Summary

Up to $15,000 for health/safety home repairs.

Timeframe

Subject to funding availability.

Purpose

Home repair and accessibility updates.

Funder

FHLBI

Up To Amount

$15,000

Qualification Criteria (Summary)

Owner-occupied, income ≤ 80% AMI. Current on mortgage/taxes. No credit score required.

Special Eligibility

Homeowners only; FHLBI lender required.

Learn More

Launch

Summary

Up to $20,000 for down payment, closing, and counseling.

Timeframe

Rolling availability; limited funds.

Purpose

Support first-time homebuyers with closing/down payment costs.

Funder

FHLBI

Up To Amount

$20,000

Qualification Criteria (Summary)

First-time buyer, income ≤ 80% AMI, $500 contribution. Education required.

Special Eligibility

Must use FHLBI member lender.

Learn More

Home Boost (Coming July 2026)

Summary

Up to $25,000 assistance with down payment and closing and housing counseling costs for qualified first-generation homebuyers in Michigan and Indiana.

Timeframe

Rolling availability; limited funds.

Purpose

Support qualified first-generation homebuyers with closing/down payment costs.

Funder

FHLBI

Up To Amount

$20,000

Qualification Criteria (Summary)

First-generation and first-time homebuyer (for primary residence in MI or IN). Household income at/below 120% area median income.

Special Eligibility

Must use FHLBI member lender.