Affordable Loan Options

We make sure the underserved in our communities don't get overlooked.

When you treat people more like neighbors than customers, it makes it easier to learn what they need. More importantly, you learn firsthand that some neighbors need more help than others. At Horizon Bank, we make sure the underserved in our communities don’t get overlooked. We offer a breadth of loans and programs aimed at more than simply securing a loan. Our no-barrier loans and programs, at their core, are aimed at economic inclusion. In other words, making sure no one in the community is left behind so we can all feel the sense of worth and belonging that makes us, well, the community.

Horizon went above my expectations, made my first home buying experience easy. I highly recommended Horizon to all my family and friends!

Daisy

Explore Community Loan Programs

Homeowner Ready Cash Program

A loan that provides immediate cash for the immediate home improvement needs that families and individuals find to confront them every day. A loan with immediate cash and affordable payments.
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Homeowners Improvement Program

Have a need for home improvement but without the credit history to obtain the traditional loan? This program was developed to allow you to fulfill those needs.

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Section 8 Mortgage Financing

A new mortgage lending program developed by Horizon that allows qualified recipients to utilize their HUD-funded Section 8 housing allocation to make their home mortgage payments.
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Starter Overdraft Protection

This program is for customers who are looking to establish a credit history as well as protect their checking account.
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Fresh Start Loans

With a Fresh Start Loan, a new beginning is possible. This program can be used to establish credit if you do not have a documented credit history, or it can help you reestablish your credit.

How Does The Fresh Start Loan Program Work?

Your loan amount goes directly into a certificate of deposit (CD) to secure payment back to Horizon. Since the Bank will rely on the money in the CD to secure 100% of the loan amount, your credit score will not be considered for underwriting.
Loan advances are available from $1,000 to $10,000.Your ability to repay will determine your actual loan amount. Compared to your income, the maximum overall debt you have cannot exceed 50%.

When the loan is paid off, the money in the CD will be available to you.

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Homeownership Opportunity Program (HOP) Grant

The Homeownership Opportunities Program (HOP) is a grant to help first-time homebuyers with down payments and closing cost assistance. Since these funds are available through this grant program, it may make them fully forgiven! No interest accrues and there are no payments to make on the grant.

Benefits of HOP Grant:

A $5,000 grant for qualified homebuyers becomes available in April, so now is the time to inquire to be ready when the funds arrive.
Funds for this grant typically run out by the end of June, so if you are looking for a home in March and closing in April, you would be the first in line.

Learn more Find a mortgage advisor

Young Family playing with cardboard boxes while moving into new home

MSHDA Grant

We are committed to providing financial resources to the communities we serve to make it easier to buy a home, and we’re proud to partner with many organizations that share our mission to provide assistance to those in need.

One of the programs is available through the Michigan State Housing Development Authority (MSHDA) to help with down payment assistance.

With this down payment assistance program, you may qualify for up to $7,500 to assist with a down payment to buy a house, closing costs, and/or the prepaid finance charges required at closing. Terms and conditions do apply, but the program is 0% interest and may be forgivable.

This program allows you to reduce the out-of-pocket cash required to close on a home loan. This means your savings can remain intact to pay monthly bills or build an emergency fund.

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Fair Lending Policy

It is, and shall be, the policy of Horizon Bank to make its loan products available to all qualified applicants without discrimination because of race, color, religion, sex, sexual orientation, gender identity, national origin, marital status, familial status, age (over that of majority), disability, receipt of public assistance, or good faith exercise of rights under the Consumer Credit Protection Act, the Equal Credit Opportunity Act, or the Fair Housing Act. Horizon also complies with state and local laws that apply to lending transactions. It is, and shall be, the Bank’s policy to encourage the completion or submission of an application for credit by any applicant on any of these bases and to ensure equitable treatment of all customers in making loans available. Horizon’s policy equally applies to non-credit banking products, including deposit accounts.

We expect that Horizon’s employees will demonstrate to its customers that they value, respect, embrace, and champion diversity in all aspects of Horizon’s activities; that they will not engage in or tolerate any form or act of discrimination or harassment toward customers or potential customers; and that they will be vigilant against any such conduct, remain open and accessible to all, and treat those that the Bank serves with respect and dignity. Our employees are asked to demonstrate and deliver fair and equitable treatment for all.

Horizon will actively seek to market its products and services to diverse communities, including people and communities of color, people with disabilities, people with language barriers, people with varying socioeconomic statuses, and other underserved populations. We will be proactive in our efforts for community outreach to ensure that all areas of the communities where Horizon does business are represented in its endeavors. These efforts will include developing organized partnerships with organizations serving various underserved groups, supporting financial literacy and homeownership counseling programs, and making money available to support homeownership assistance initiatives tailored to first-time homebuyers in underserved communities.

Horizon commits to a process through which customer complaints about inequitable treatment will be addressed promptly, comprehensively, and by considering how similarly situated persons of a different race, national origin, or other status have been or would be treated by Horizon.

Horizon will devote special attention to the credit needs of low- and moderate-income neighborhoods within the communities in which it does business. Consistent with safe and sound banking practices, Horizon will provide financial services to all income segments of its market.

The advertising of the Bank and all of its communications to the public shall be designed to make the Bank’s current and potential customers aware that Horizon makes its products and services available without discrimination and that Horizon welcomes the opportunity to do business with every member of the community. Horizon will undertake specific activities to encourage a wide range of customers to approach its offices and to consider it as a financial service resource.

The success of Horizon’s commitment to diversity, inclusion, and equity is the responsibility of the entire organization. Horizon’s fair lending practices apply across all aspects of its operations,

including marketing, loan origination, processing, underwriting, servicing, and collection activities. Horizon’s commitment to equity and diversity is demonstrated in terms of its structure and organization, employee accountability, monitoring and auditing programs, training, and technology. Horizon’s Chief Executive Officer and Executive Management team are responsible for establishing practices designed to ensure that the Bank’s operations reflect its strong commitment to treat everyone it serves with respect and dignity and to demonstrate and deliver fair and equal treatment for all.

Horizon will continue to look for objective ways to support and evaluate employees as they advance diversity and inclusion in all of the Bank’s business operations.

Browse Government Loans

HomePride Loan

Benefits of HomePride Loan

Fixed-rate or 10/1 year adjustable rate
Up to 95% loan-to-value (LTV) financing
Down payment can be from a gift, down payment assistance program or borrowers' own funds
No private mortgage insurance (PMI) requirement

Option for those who

are low- to moderate-income borrowers purchasing a home in any area located in the Horizon Bank geographic area.
have a credit score of 580.
are purchasing a home in a Horizon Bank assessment area.
have non-traditional credit.
take the Fannie Mae HomeView™ course to prepare for sustainable homeownership.

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couple looking at documents in front of computer

Small business owner celebrating approval for Horizon's Instacap loan

HomeReady^® Mortgage (Fannie Mae)

Benefits of HomeReady Loan

Affordable conventional financing with a minimum down payment of 3%
Supports manufactured homes up to 95%
Combine loan-to-value of 105% with down payment assistance

Option for those who

are creditworthy low- to moderate-income borrowers with the expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted areas.
have a credit score of 620+.
have non-traditional credit.
take the Fannie Mae HomeView™ course to prepare for sustainable homeownership.

Learn more Find a mortgage advisor

HomeStyle^® Renovation Mortgage (Fannie Mae)

Benefits of HomeStyle Loan

Permits borrowers to include financing for home improvements in a purchase or refinance of the existing home which means lower closing costs and typically a lower interest rate on a first mortgage
15- and 30- year Fixed-rate mortgage
One loan closing
Up to 97% loan-to-value owner-occupied and up to 90% loan-to-value 2nd home (both single-family residence)

Option for those who

are in need of moderate repairs and renovations.
have a credit score of 620+.

Learn more Find a mortgage advisor

FHA (Federal Housing Administration) Loans

FHA loans, offered through the Federal Housing Administration, assist homebuyers in overcoming many of the obstacles of owning a home. This loan is a great option if you have limited funds for a down payment, have "less than perfect" credit, or need to complete repairs on a home that is being purchased or currently owned.

Benefits of FHA Loans:

Low down payment requirements¹
Flexible qualification guidelines
Fixed-rate, fixed-term mortgages insured by the government
Allows a co-applicant to help you qualify even if the person doesn't live in the home

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VA (Veteran's Affairs) Loans

A VA loan is an option for those who are on active duty, reservists, or veterans. Also an option for those who are an eligible family member of a former service member.

Benefits of VA Loans:

Little or no down payment
Up to 100% financing
No mortgage insurance (PMI)
Fixed-Rate, fixed-term loans
Option to reduce interest rate in future with Interest Rate Reduction Refinance Loan (IRRRL)

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USDA/Rural Development Section 502

USDA/Rural Development loans are ideal if you are looking to buy or refinance a primary residence located in an eligible rural area, have "less than perfect" credit, or have limited funds for a down payment.

Benefits of USDA Loans:

"Zero Down" down payment options¹
Closing costs can be financed with a loan
A loan guaranteed by U.S. Government
Competitive rates with fixed terms
No maximum purchase price

Talk to a mortgage advisor

Online Banking

Affordable Loan Options

We make sure the underserved in our communities don't get overlooked.

Explore Community Loan Programs

Homeowner Ready Cash Program

Homeowners Improvement Program

Section 8 Mortgage Financing

Starter Overdraft Protection

Fresh Start Loans

Homeownership Opportunity Program (HOP) Grant

MSHDA Grant

Browse Government Loans

HomePride Loan

HomeReady® Mortgage (Fannie Mae)

HomeStyle® Renovation Mortgage (Fannie Mae)

FHA (Federal Housing Administration) Loans

VA (Veteran's Affairs) Loans

USDA/Rural Development Section 502

HomeReady^® Mortgage (Fannie Mae)

HomeStyle^® Renovation Mortgage (Fannie Mae)