BERRIEN SPRINGS, Mich.–Honor Credit Union said it is participating in the “Launch–Down Payment Assistance” program, an initiative designed to help first-time  homebuyers achieve homeownership. 

The annual program is being offered in partnership with the Federal Home Loan Bank of Indianapolis, which provides financial assistance of up  to $20,000 in assistance for down payments, closing costs, and housing counseling to qualified buyers in  our communities. 

Funding for the program will open on April 15 and is available on a first-come, first-served basis.  Eligible first-time homebuyers who meet the program’s requirements are encouraged to apply early to  take advantage of this opportunity. 

To qualify:

• Be a first-time homebuyer 
• Have a household income at or below 80% of the Area Median Income (AMI)
• Contribute a minimum of $500 toward the home purchase
• Complete a homebuyer counseling course 

‘Breaking Down the Barrier’

“One of the main barriers to homeownership is coming up with a down payment. For eligible  borrowers, one of our down payment programs helps break down this barrier,” Kim O’Donoghue,  AVP of real estate sales, said in a statement. “The funds can be used for down payment, closing costs,  and prepaid expenses. With the cost of rent soaring, now is a good time for prospective borrowers to  reach out to one of our mortgage loan officers to see if they qualify for one of our grant programs…”