Honor Credit Union offers first-time homebuyer grant

BERRIEN SPRINGS, MICHIGAN (October 2, 2023) Honor Credit Union is extending a new opportunity  to help aspiring homebuyers make their dreams come true.  

The HomeBoost Minority Down Payment Assistance Program provides $15,000 in grant funding to  qualified first-time home buyers in Indiana and Michigan. The funds can be used toward a down  payment, closing costs, or housing counseling costs.  

The program is designed to help make homeownership more equitable for first-time home buyers who  identify as ethnic minorities, have a household income at or below 120% of the local area median  income, and who purchase a primary residence in Michigan or Indiana.  

Funding is provided by FHLBank Indianapolis (FHLBI) who designed the program to reduce increasing  disparity in homeownership rates between white Americans and Americans of color. In fact, the Black White homeownership gap (42% vs. 80% respectively) is wider today than it was in 1968 when the Fair  Housing Act became law, according to the Housing and Urban Development’s Office of Fair Housing and  Equal Opportunity.  

For would-be homeowners who don’t qualify for HomeBoost, Honor offers several other programs  including special loans for rural homebuyers, medical professionals, first responders, and others. Learn  more at  

“We’re always looking for creative ways to support the communities we serve and help all our member owners achieve their financial and life goals. HomeBoost will help borrowers tackle a huge barrier to  homeownership: saving for a down payment” stated Lynneise Gaddie, Honor’s VP of Real Estate.  

The program launched on Sept. 5 with $2.5 million available. Applicants will be assisted on a first-come,  first-served basis until grant funds are exhausted or March 5, 2024, whichever occurs first.  

Learn more by contacting a mortgage lending expert at or call  800.442.2800.

About Honor Credit Union

Honor Credit Union is a non-profit, full-service financial institution serving over 110,000 members in 28  member center communities throughout western and northern Michigan.  Providing solutions for financial success and giving back to the communities we serve remain the driving  forces behind Honor Credit Union. For more information, call 800.442.2800, or visit


Kayla Smith
Brand Coordinator
800.442.2800, ext. 9205    

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