Kalamazoo, MI (August 13, 2024) |
Consumers Credit Union is excited to participate in the 2024 HomeBoost Down Payment Assistance Program, designed to help aspiring homebuyers make their dreams of homeownership a reality.
The HomeBoost Program offers eligible minority first-time and first-generation homebuyers in Michigan and Indiana a grant of up to $25,000 to be used toward their down payment, closing costs or housing counseling expenses. This financial boost is intended to alleviate the burden of upfront costs and make homeownership more accessible for those who may face financial and systemic barriers.
"We understand that saving for a down payment can be a significant challenge for many individuals and families," said Vice President of Mortgages Josh Summerfield. "With the HomeBoost Program, we aim to bridge that gap and provide a helping hand to those who are ready to take the exciting step of becoming homeowners."
Funding is provided by FHLBank of Indianapolis (FHLBI), of which Consumers is a participating member. Applicants must meet certain criteria, including being a first-time homebuyer, having a qualifying credit score and meeting income requirements. Any monetary assistance granted would be approved by FHLBI first and paired with a mortgage from Consumers, who would still approve and service the home loan.
In addition to the HomeBoost Program, the credit union offers a range of mortgage options and personalized assistance to help individuals find the right financing solution for their needs, including 0% and other low-down-payment options.