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Urban First-time Homebuyer Funds can be used for down payment, closing cost, counseling or rehabilitation assistance for eligible first-time homebuyers that are purchasing one-to-four family, owner-occupied properties in urban locations. Applications are available on eAdvantage and will be accepted until Friday, October 5, 2007. Please contact the Community Investment Department, 800.544.3452, ext. 1173, with questions. Expanded Collateral Pledging The Bank has received regulatory approval to accept certain construction loans as eligible collateral. Eligible loans will include non-speculative (custom) construction loans secured by one-to-four family residential properties. More information will be made available regarding collateral maintenance levels, reporting requirements and pledging limitations once operational details are finalized in the fourth quarter of this year. For more information, please contact Marc Johnson at 800.544.3452, ext. 1119 or mjohnson@fhlbdm.com. Borrowing Base Certificates Revised
Certain Borrowing Base
Certificates have been revised to expand eligibility criteria for
pledged collateral that may provide increased borrowing capacity for
members.
Newly originated (less than six months old) multifamily, commercial and agricultural mortgage loans without final title work may be pledged as eligible collateral pending receipt of final title work. Forms impacted are:
Members may now complete the
new and revised forms using the Checklists corresponding to the category
of assets being pledged. The Bank is requiring members to use the
revised forms to submit September 30, 2007 information. Signed Borrowing
Base Certificates can be faxed to the Bank, 515.699.1201, or an image of
the signed form may be emailed to the Collateral Department,
advancecollateral@fhlbdm.com.
Please remember, FHLB Des Moines collateral forms are frequently updated
and current forms should be down loaded from the Bank’s website
www.fhlbdm.com
each quarter. Standby Purchase Agreements FHLB Des Moines can now issue Standby Purchase Agreements for Variable Rate Demand Obligations (VRDOs) issued by Housing Finance Agencies (HFA) within its district. The VRDOs are required to maintain at least a minimum long-term rating of AA- or equivalent at all times while the HFA must have a minimum long-term rating of A- or equivalent and a stable outlook as determined by a Nationally Recognized Statistical Rating Organization. For more information, please contact Steve Schuchmann at 800.544.3452, ext. 3407 or sschuchmann@fhlbdm.com. |