Make the Dream of Homeownership a Reality
WHAT IS LAUNCH – DOWN PAYMENT ASSISTANCE?
A grant from Launch – Down Payment Assistance helps first-time homebuyers with assistance for down payment, closing costs and counseling costs.
Up to $20,000 per household may be requested.
Funds are available on a first-come, first served basis, until funds are exhausted. Funds renew each year in the spring, subject to availability.
PROGRAM REQUIREMENTS:
To qualify for a LAUNCH – DOWN PAYMENT ASSISTANCE grant you must:
Be a first-time homebuyer at or below 80% area median household income; HUD Income Limits
Purchase an Owner-occupied 1–4 family property, Townhouse, Condominium, Cooperative or Manufactured Home deeded as Real Estate;
Contribute a minimum of $500 towards the purchase of the home;
Complete a required state, HUD, or FHLBank Indianapolis-approved homebuyer counseling course; LAUNCH – DOWN PAYMENT ASSISTANCE funds may be used to cover the cost of counseling.
Total housing debt including principal, interest, taxes and insurance (and any HOA dues) not to exceed 40% of total household gross income.
The LAUNCH – DOWN PAYMENT ASSISTANCE grant can be used in conjunction with any eligible purchase mortgage and borrower must meet all Fannie/Freddie loan eligibility and requirements.
Income must be evaluated on a per household basis, considering all persons that will be living in the home, and must be at or below 80% of the HUD area median income limit, based on household size and geographic location.
Borrowers will sign a retention agreement at close; if the home is sold in the first five years a portion of the grant will need to be returned, calculated on a pro-rated basis.
All loans are subject to credit review, underwriting guidelines, verification of identity, and approval. Maximum Loan Amount of $806,500. Grand River Bank loan application must be approved in order to be considered for the grant program.
Additional terms and conditions apply.
