Investing in Our Community, One Home at a Time

At 1st Source Bank, we believe that strong communities are built on strong homes. We're dedicated to making homeownership a reality for more people, one family at a time.

Helping 900 families realize their dreams

1st Source Bank has made a real difference in our community! Since 2009 we've funded a total of 915 grants, amounting to an outstanding $19,567,582.

Up to $25,000 in Down Payment Assistance Available

Buying a home? We can help! Our affordable housing programs offer up to $25,000 in down payment assistance to make your dream of homeownership more achievable.

First-time homebuyers hugging as they move into in their new house

Happy couple embracing in front of their new home

Young multiethnic parents playing with their sons, surrounded by cardboard boxes.

Our Success

Our affordable housing initiatives have helped hundreds of families find homes they love, and we're proud of the positive impact we've had on our community. From new homeowners to revitalized neighborhoods, our success stories are a testament to our commitment.

Investing in affordable housing is an investment in our community's future. By making homeownership more accessible, we contribute to the stability and prosperity of our communities, ensuring that everyone has a place to call home.

Families Helped

Dollars Granted

Simply put, my husband and I wouldn’t have been able to afford our home without the help of the grant. We are incredibly grateful to 1st Source for the expertise and knowledge shared with us as first-time homeowners!

For Homebuyers

We offer several affordable housing programs, in partnership with the Federal Home Loan Bank of Indianapolis:

Launch (formerly the Homeownership Opportunity Program (HOP)): Assists first-time homebuyers with down payment and closing costs. Eligible applicants must have a household income at or below 80% of the AMI. The maximum subsidy per household is $20,000.
Affordable Housing Program: Provides funding for affordable housing projects. This program supports multi-family rental projects and single-family homes. To qualify, projects must serve households with incomes at or below 80% of the area median income (AMI).
Revive (formerly the Neighborhood Impact Program (NIP)): Helps homeowners with necessary repairs and accessibility improvements. This program is designed to assist low- to moderate-income homeowners in maintaining their homes, ensuring they remain safe and habitable. Homeowners must have a household income at or below 80% of the AMI and own their primary residence.
HomeBoost Down Payment Assistance Program: Offers down payment assistance to make homeownership more attainable. This program is targeted at minority and first-generation homebuyers with household incomes at or below 120% of the AMI. Eligible households can receive up to $25,000 in assistance.

What You Need to Apply

Funds for these programs go quickly—sometimes within days. Applying is straightforward, but you’ll need to be prepared. Here’s what you’ll need:

Financial Documents: Gather your recent pay stubs, tax returns, and bank statements. These documents will help verify your income and financial stability.
Proof of Income: Provide documentation that shows your current income level. This can include pay stubs, W-2 forms, or other income statements.
Purchase Agreement: Have a signed purchase agreement ready. This is crucial as funds for these programs are limited and often go quickly.
Identification: Ensure you have valid identification, such as a driver’s license or passport.
Credit Report: Obtain a copy of your credit report. While not always required, it can help speed up the application process.

What to Expect After Application

Once you’ve applied, we’ll review your application and let you know the next steps. You’ll receive a timeline of what to expect, from approval to closing. We’re here to guide you through the process.

For Realtors

Marketing Tool for MLOs: Realtors, these programs are a fantastic marketing tool. By partnering with 1st Source Bank, you can offer your clients up to $25,000 in assistance. This collaboration can make the difference in closing a deal.
Up to $25K Off for Clients: Imagine telling your clients they could get up to $25,000 off their home purchase. That’s a game-changer! These savings can make homeownership a reality for many who thought it was out of reach.
How to Get Started: Interested in leveraging these programs for your clients? Contact our Mortgage Loan Officers (MLOs) to learn more about how we can work together.