Honor Credit Union Announces Launch – Down Payment Assistance Program

 BERRIEN SPRINGS, MICHIGAN— March 28, 2025—Honor Credit Union is excited to announce its participation in the Launch – Down Payment Assistance program, an initiative designed to help first-time homebuyers achieve their dream of homeownership. This annual program, offered in partnership with the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis), 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 opens on April 15, 2025, 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. 

The Launch – Down Payment Assistance program provides grants to help cover essential home-buying costs, making homeownership more accessible. To qualify, applicants must: 

• 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 
  
  

The Launch – Down Payment Assistance Program reflects Honor Credit Union’s dedication to prioritizing its member-owners and supporting them in reaching their financial and life goals—especially the dream of homeownership. 

“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.” Said Kim O’Donoghue, Honor Credit Union AVP of Real Estate Sales.  “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. Some of the funds are limited, so I encourage you to call us today!” 

Prospective homeowners can access Launch funds by working with Honor Credit Union, an approved participating financial institution.  

For more details on the Launch – Down Payment Assistance program, visit www.honorcu.com/mortgage/homebuyer-assistance or contact an Honor Credit Union mortgage lending expert.