Government Assisted Options

• No down payment required if you qualify for the program 
• 360 Month, fixed rate loan with low monthly payments
• No private mortgage insurance (PMI) required
• Gift or grant is allowed if needed

Launch is a grant program from the Federal Home Loan Bank of Indianapolis that helps first-time homebuyers with assistance for down payment, closing, and housing counseling costs when purchasing a primary residence. Launch funds are exclusively available to households that work with an FHLBank Indianapolis member financial institution, like Heartland Bank.

• Qualified households may receive up to $20,000 in down payment assistance.
• Launch grant funds cannot be requested for more than 20% of the purchase price of the home. For example, if the purchase price is $60,000, the maximum grant amount that can be requested is $12,000. 

• The grant is available for purchases in Franklin County, outside the political jurisdiction of Columbus
• Funds are available up to $15,000 for a 5% down payment and closing costs
• In-person, 8-hour homebuyer class required for this grant that should be started prior to your home search

• Down payment assistance of 2.5% or 5% of the purchase price
• Assistance can be applied toward down payments, closing costs or other pre-closing expenses.
• Mortgage tax credit program cannot be used with OHFA down payment assistance

• This is a grant, not a loan, so there is no second mortgage on your home
• No restrictions on reselling your home or refinancing your mortgage
• Receive instant equity in the new home
• Income limits are based only on the borrower, not the household
• 3, 4, or 5% down payment assistance options provide more flexibility

• Down payment requirement of as little as 3%, offering a $2,500 closing cost credit
• Borrowers must qualify under Freddie Mac’s low-income guidelines
• For loan-to-value (LTV) ratios over 90%, the mortgage insurance coverage requirements are reduced

• Income Eligibility: Borrower income must be at or below 100% of the Area Median Income (AMI).
• Competitive Interest Rates: Offers competitive interest rates on the second mortgage.
• Mortgage Tax Credit Compatibility: Can be paired with the Mortgage Tax Credit for potential tax savings.

• Low down payment of 3.5%
• No income limits on borrowers
• Must be primary residence
• Appropriate for borrowers who need more flexible guidelines

• 100% financing with no down payment requirements
• 30-year loan terms with fixed interest rates
• Primary residence only
• Home must be located in an eligible area for USDA financing
• Annual income limits apply

• 100% financing with no down payment required for military veterans
• Lower interest rates and lower monthly payments
• VA funding fee may be included in loan amount
• No annual income limits