HomeBoost
Down Payment Assistance up to $25,000
HomeBoost down payment assistance program is helping to close the homeownership gap by providing the lesser of $25,000 or 20% of a home purchase price to eligible buyers. Funds can be used for down payment, closing costs, and home ownership education.
Program Criteria:
First-Generation Home Buyer
Recipients should self-identify as first-generation homebuyers who meet at least one of the following:
• The parents or legal guardians of at least one borrower do not currently and have not previously owned a home in the United States, or
• At least one borrower has aged out of foster care, or
• At least one borrower has become emancipated
First-Time Home Buyer
Available to first-time home buyers who have had no ownership in a principal residence during a three-year period ending on the date of home purchase.
Income
Total household income at or below 120% of the local Area Median Income as defined by HUD, and must intend to purchase a primary residence in Michigan.
Homebuyer Contribution
Home buyers are required to contribute a minimum of $500 in personal funds and complete a housing education program before loan closing.
Funding begins July 9, 2025
Households will be assisted on a first-come, first-served basis until funds are exhausted. As a participating FHLBank Indianapolis member financial institution, Mercantile Bank is pleased to offer the HomeBoost program.
Contact us today to get started!
Mercantile Bank is a FHLBank Indianapolis member financial institution. The HomeBoost Down Payment Assistance Program is offered through the Federal Home Loan Bank of Indianapolis in conjunction with a mortgage product from Mercantile Bank. Funding is based on availability. Additional terms and conditions apply based on the mortgage program selected by the applicant. All loans are subject to approval, and terms can change. Please consult a Loan Officer for more details. Mercantile Bank NMLS # 419813.