2010
Rural
Homeownership
Fund
Program
FHLB Des
Moines
will
allocate
$1
million
to the
Rural
Homeownership
Fund
Program
(RHF).
Members
can use
these funds to
help
eligible
homebuyers
purchase
single-family
owner-occupied
properties
in rural
areas.
Application
Details
Applications
will be
available
through
eAdvantage
beginning
August
2, 2010
and
ending
August
31,
2010.
-
Each
member
may
apply
for
up
to a
maximum
of
$25,000
with
a
minimum
amount
of
$5,000.
Members
will
be
notified
of
the
status
of
their
application
approximately
30
days
prior
to
the
end
of
the
application
period.
-
Any
member
that
was
awarded
funds
from
the
2009
or
2008
RHF
must
have
no
more
than
$1,000
undisbursed
funds
as
of
April
30,
2010
to
be
eligible
to
apply
for
the
2010
RHF.
2010
Program
Guidelines
Changes
made to
our 2010
program
guidelines
include:
-
Changes
were
made
to
consumer
protections
in
2009
that
affect
mortgage
lending
programs,
including
new
Regulation
Z rules
that
went
into
effect
October
1, 2009.
These
rules
established
interest
rate
thresholds
for
“higher
rate”
loans.
Loans
that
exceed
those
rate
thresholds
must
provide
borrowers
the
protections
provided
in the
Regulation.
The Bank
may deny
any
subsidy
request
that is
inconsistent
with the
objectives
of the
new
regulation
or other
anti-predatory
lending
regulation.
-
To be
eligible,
a
household
may not
own or
be an
investor
in
another
residence,
even if
that
residence
is
rented.
-
Co-signer(s)
income
must
be
included
in the
calculation
of
income
worksheet
to
determine
eligibility
if the
purchaser
is a
full-time
student.
Important:
These
changes
apply to
subsidies
that
will be
awarded
in 2010.
Any
member
funding
a 2009
or 2008
RHF
commitment
in 2010
should
utilize
the
Program
Guidelines
and
Certification
and Draw
Request
form
applicable
to those
years,
which
can be
found in
the
tables
below.
The
Program
Guidelines
include
deadlines
for
disbursement
of funds
by a
member
and
submission
of the
Certification
and Draw
Request
Form to
FHLB Des
Moines.
For
further
information
or
questions
please
contact
Evelyn
Bengtson
at
800.544.3452,
ext.
1064 or
ebengtson@fhlbdm.com.
|
2010 Rural Homeownership Fund Forms |
Document Type
(Word, PDF or Excel)
|
| Checklist for a Successful RHF Program |
Word |
PDF |
|
Program Guidelines |
Word |
PDF |
| Definitions & Acronyms |
Word |
PDF |
| Calculation of Income Worksheet* |
Excel |
|
| Certification & Draw Request Form |
Word |
PDF |
| Instructions for Submitting a Certification & Draw Request |
Word |
PDF |
Please
see our
AHP
Homeownership
Forms
page for
additional
resources,
documents
and
forms
for this
program.
This
includes:
-
*Income
Determination
Guidelines
for
Owner
Occupied
Projects
and
Calculation
of
Income
Worksheet
Instructions
for
calculation
and
certification
of
borrower
household
income
-
Retention
Agreement
(Deed
Restriction)
-
Subordination
Agreement
for
subordination
of
Retention
Agreement
-
Forms
for
recapture
of
subsidy
2009
Rural
Homeownership
Fund
Grants
totaling
$1.0
million
have
been
awarded
to 23
member
financial
institutions
to help
individuals
and
families
achieve
the
dream of
owning
their
own
home.
The
grants
support
efforts
to
provide
permanent
housing
to
families
and
individuals
in rural
communities
by
assisting
them
with
down
payment,
closing
cost,
counseling
or home
rehabilitation.
For
a
summary
of
Rural
Homeownership
Fund
awards
by
state,
click
here.
For
a
complete
list
of
2009
Rural
Homeownership
Fund
recipients,
click
here.
|
2009 Rural Homeownership Fund Forms |
Document Type
(Word, PDF or Excel)
|
|
Program Guidelines |
Word |
PDF |
Certification & Draw Request Form
Updated June 2010 |
Word |
PDF |
Please
see
our
2010
RHF
Forms
and
AHP
Homeownership
Forms
page for
additional
resources,
documents
and
forms
for
this
program.
This
includes
Calculation
of
Income
Worksheet
and
Instructions,
sample
retention
documents
and
forms
for
recapture
of
subsidy.
2008
Rural
Homeownership
Fund
FHLB Des
Moines
awarded
a total
of $1.0
million
to 42
members
through
the 2008
Rural
Homeownership
Fund.
|
2008 Rural Homeownership Fund Forms |
Document Type
(Word, PDF or Excel)
|
| Program Guidelines |
Word |
PDF |
Certification & Draw Request Form
updated June 2009 |
Word |
PDF |
Please
see our
2010 RHF
Forms
and
AHP
Homeownership
Forms
page
for
additional
resources,
documents
and
forms
for this
program.
This
includes
Calculation
of
Income
Worksheet
and
Instructions,
sample
retention
documents
and
forms
for
recapture
of
subsidy.
Income
Guidelines and Purchase Price
Limits
