Launch - Down Payment Assistance Program

Launch - Down Payment Assistance Program

Funder: Lake Trust Credit Union, in partnership with Federal Home Loan Bank of Indianapolis (FHLBI)

Geographic Scope: Michigan

Program Status: Applications accepted starting April 14, 2026, on a first-come, first-served basis until funds are exhausted

Overview

Launch provides up to $20,000 in down payment assistance, housing counseling, and closing costs assistance to qualified first-time homebuyers when purchasing their primary residence in Michigan.

Eligibility Requirements

First-time homebuyers must meet ALL of the following criteria:
• Intend to purchase an eligible property in Michigan (house, condo, or townhouse)
• Have documented household income not exceeding 80% of Area Median Income
• Have ability to contribute at least $500 cash towards the home purchase
• Be pre-approved for a mortgage with Mortgage Center (Lake Trust's mortgage partner)
• Be a Lake Trust Credit Union member prior to closing
• Successfully complete an eligible Homebuyer Education Program

Award Details

• Maximum Award: $20,000 or 20% of purchase price, whichever is less
• Minimum Award: $1,000 per household
• Funds can be used for down payment, housing counseling, and closing costs

Additional Benefits

• Eligible applicants with direct deposit of $400+ per month can receive 0.25% APR discount on mortgage (offer valid February 5 - May 31, 2026)

Key Notes

• Approval is determined solely by FHLBI on first-come, first-served basis
• Neither Lake Trust nor Mortgage Center approve/deny applications; Mortgage Center gathers documentation
• Lake Trust submits completed application to FHLBI on behalf of qualified member
• Additional eligibility restrictions apply

Contact Information

• Mortgage Center: 877.288.2862
• Lake Trust: 888.267.7200 or laketrust@laketrust.org