Launch Down Payment Assistance Program

Launch Down Payment Assistance Program

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

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

Geographic Scope: Michigan only

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.

Eligibility Requirements

• First-time homebuyers
• Intend to purchase an eligible property in Michigan (house, condo, or townhouse)
• Documented household income does not exceed 80% of Area Median Income
• Ability to contribute at least $500 cash towards the purchase of the home
• Pre-approved for a mortgage with Mortgage Center (partner lender)
• Must be a Lake Trust Credit Union member prior to closing
• Must successfully complete an eligible Homebuyer Education Program

Award Details

• Maximum: $20,000 or 20% of the purchase price, whichever is less
• Minimum: $1,000 per household

Additional Information

• Approval is made by FHLBI on a first-come, first-served basis until grant funds are depleted
• Neither Lake Trust nor Mortgage Center approve/deny applications; Mortgage Center gathers information and Lake Trust submits to FHLBI
• Mortgage Rate Discount: Members with direct deposit of $400+ per month can save 0.25% APR on mortgage
• Contact: Mortgage Center at 877.288.2862 or Lake Trust at 888.267.7200

Background

Through partnership with Federal Home Loan Bank of Indianapolis (FHLBI), Lake Trust brings members this down payment assistance program to help first-time homebuyers achieve homeownership.