Homebuyer Assistance
Buying a house is a big financial investment, but you don’t have to figure it out alone. These resources and tips can help take the stress out of saving for a mortgage down payment or buying your first home. Plus, financial assistance programs are available each year—just make sure to grab your spot before funds run out!
Down Payment & Grant Resources
HomeBoost Down Payment Assistance Program
HomeBoost Downpayment Assistance Program is here to help you unlock your path to homeownership. Qualifying households can receive up to $15,000 in downpayment funds.
Available from July 9, 2025 — apply now and take the first step toward owning your home!
Program Qualifications
Must be a first-time homebuyer (no home owned in past 3 years).
Must be a first-generation buyer or identify as a minority.
Household income must be ≤120% of area median income (AMI).
Home must be in Michigan or Indiana and used as primary residence.
Must complete HUD-approved housing counseling before closing.
Must contribute at least $500 of own funds to the purchase.
Home must be bought with a mortgage (not a cash purchase).
Eligible properties: 1–4 unit homes, condos, townhomes, co-ops, manufactured homes.
Must apply through a participating FHLBI member.
Funds are first-come, first-served; 2025 program opens July 9.
Schedule a call with a member of our lending team to get started
First-Generation Down Payment Assistance Program
This limited-time pilot program offers up to $25,000 to first-generation homebuyers to cover down payment, closing costs, and prepaid escrows. Available statewide, it’s designed to make homeownership more accessible and set families up for long-term success. Act now—funding is limited, and early applications are strongly encouraged to secure your spot in this program.
Program Qualifications
- Must be purchasing the property
- Must live in the purchased property as their primary residence
- Must complete homebuyer education face-to-face with a HUD Certified Counselor
- Has had no ownership interest (sole or joint) in another property during the last three years, and
- One of the following must apply:
- No parent of the borrower has had an ownership interest (sole or joint) in a property in the last three years
- The borrower has aged out of foster care, or
- The borrower has become emancipated
- One of the following must apply:
Schedule a call with a member of our lending team to get started
First-Time Homebuyer Savings Program
The Michigan First-Time Home Buyer Savings Account Program allows first-time homebuyers to open an account and designate it as a “first-time homebuyer savings account” to be used to buy a single family home in Michigan.
Program Details
- First-time homebuyers & family members can contribute & withdraw from the account tax-free
- Up to $5,000 for a single tax return & $10,000 for a joint return can be claimed on annual state income taxes
- Accrued interest is tax exempt as long as it’s used for the home purchase
- The account has a contribution cap of $50,000
Schedule a call with a member of our lending team to get started
Launch Down Payment Assistance Program
Qualifying households could get up to $20,000 in assistance! The Launch Down Payment Assistance Program is a grant to assist qualifying first-time home buyers with their down payment and closing cost needs. Funds are limited so act fast!
Program begins April 15, 2025.
Program Qualifications
- Be a first-time homebuyer at or below 80% area median income
- Purchase a single-family home, condominium, duplex, or modular unit
- Contribute a minimum of $500 towards the purchase of the home
- Complete a required homebuyer counseling course.
Schedule a call with a member of our lending team to get started
Income-Qualified Homebuyer Program
Prospective homebuyers are eligible for a $2,500 grant program through Freddie Mac or Fannie Mae if they meet a simple income requirement! Read the program details below to see if it’s an option for you. The grant is available now through loans closed on or before February 28, 2026.
Program Details
- Eligibility: Prospective buyers must earn 50% or less of their area median income
- Uses: Grant funds can be used towards a down payment, escrow, mortgage insurance premiums, as well as most other closing costs
- Residence: The grant is available eon purchase transactions for primary residences only
- Repayment: No repayment is required! Money is gifted at the time of closing with no addition liens against the home.
Median Income Search Tool
Schedule a call with a member of our lending team to get started
MSHDA $10k Down Payment Assistance Program
Honor is excited to partner with The Michigan State Housing Development Authority to offer qualified borrowers with $10,000 in down payment assistance, closing costs, and prepaid expenses. This program is helpful to members across the state in achieving their dream of homeownership.
Program Qualifications
- First-time buyer and have had no ownership interest (sole or joint) in another property during the last three years
- Repeat homebuyers may qualify if buying in a targeted area
- Must complete homebuyer education course
- Maximum sale price is $224,500
- Asset limit is $20,000 (not including retirement savings)
- Must meet household income requirements (includes all people 18+ living in the home)
For more information, visit MI 10k DPA Loan
Schedule a call with a member of our lending team to get started
Our Experts Can Help
No matter where you are in Michigan, our friendly team of mortgage experts is here to guide you through every step of the home-buying journey. From pre-approval to closing, we’ve got you covered. Come share your story with us—we’d love to help make your homeownership dreams come true!
Local Lending Pros
- Our local mortgage lending experts know your community because they live and work there
- Your mortgage lender will be with you through the entire process, from pre-approval to closing
- Our team can give you helpful payment info and other insights about the process
- Tell our team your story. We’re sure to have a solution to fit your needs, and your budget.
Get Pre-Approved Online
You never know when you are going to find the house that checks all of your boxes, so we suggest you get pre-approved so you can shop with confidence knowing how much house you can afford in a hot housing market. Your Honor Credit Union mortgage pre-approval is good for 120 days, or about four months.
Homebuying Tips
We want to make sure your home buying experience is as easy as possible. We’ve dedicated a section of our blog to mortgage and home buying topics. We hope you find them helpful. If you have questions, reach out to our Mortgage Team or give us a call at 800.442.2800.
Frequently Asked Mortgage Questions
Yes! We have several resources and programs to help ease the burden of coming up with a down payment for a mortgage. Whether it’s your first house, or vacation dream house, we can help! To learn more about our down payment assistance options, visit our Homebuyer Assistance page.
Getting pre-approved is easy! You can simply apply online 24/7. You can also contact a local Honor mortgage lender to set up an appointment. One of the advantages of working with Honor Credit Union for your home loan is the comfort you will feel knowing you can contact your lender directly or stop by his or her office anytime you have questions. Another advantage is that our lenders live in the markets they serve, and all decisions are made locally.
Once your offer to purchase a home has been accepted and signed, you are ready to meet with your lender to turn your pre-approval into a loan application. Please download the mortgage checklist of items that must be provided to your lender in order for them to lock in your interest rate and process your application in a timely manner.
Yes! In fact, applying to get pre-approved for a home mortgage loan is the FIRST thing you should do before you begin your search for the perfect home.
During this process, your lender will provide guidance on the best loan option to fit your situation along with an approved loan amount. Your lender will also give you a pre-approval letter, which signifies that you are a qualified buyer. You can share this letter with your realtor to include with your offer to purchase a home. Not only will your pre-approval letter add more weight to any offers you submit, but it will also guide your home search.
Mortgage interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy.
Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation’s central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.
Private Mortgage Insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender if you stop making payments on your loan.
PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20 percent of the value of your home, PMI is also usually required.
An escrow account is where funds are held by the lender to make payments for your homeowners’ insurance and property taxes. Lenders will collect those funds monthly along with your loan payment and then pay the tax and insurance bills when they are due. Generally, the funds are included in your total monthly payment. Since the price of property taxes and insurances can fluctuate, so can the amount needed for your escrow account to cover those bills. Sometimes this can change your required monthly payment.
Honor Credit Union is a proud member of:
*APR = Annual Percentage Rate. Your rate may be different depending on your credit profile and home value. Rates are subject to change without notice. Additional restrictions may apply.
