2010 Urban First-time Homebuyer Fund

The Federal Home Loan Bank of Des Moines will allocate $1million to the Urban First-time Homebuyer Fund (UFT). Members can use the funds to help eligible first-time homebuyers purchase single-family owner-occupied properties in urban areas. Applications will be available through eAdvantage beginning March 1, 2010 and ending March 31, 2010. The applicant must be a member of FHLB Des Moines at the time the UFT application is submitted.

Each member may reserve up to a maximum of $50,000 with a minimum reserve amount of $5,000. Members will be notified of the status of their application approximately 30 days of the end of the application period.

Please read the guidelines and view the forms for this program below.

2010 Program Guidelines

Please read the Program Guidelines below. There have been changes to the 2010 Program Guidelines, including:

• There are new monitoring requirements for compliance with anti-predatory lending laws and regulations. This follows changes to consumer protections in 2009, including new Regulation Z rules that went into effect October 1, 2009. Those rules established interest rate thresholds for “higher rate” loans. Be advised that loans originated under the UFT program that exceed those rate thresholds must provide borrowers the protections indicated in the Regulation. The Bank may deny any subsidy request that is inconsistent with the objectives of anti-predatory lending laws, including the new regulation. For information on the changes to Regulation Z please review the Regulation.
   

• In all cases the 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.

2009 Urban First-time Homebuyer Fund


    For a summary of 2009 Urban First-time Homebuyer Fund awards by state, click here.

    For a complete listing of 2009 Urban First-Time Homebuyer Fund recipients, click here.

Important:
2010 changes, except monitoring requirements for compliance with anti-predatory lending laws and regulations, apply only to the 2010 subsidy award, not the 2009 subsidy award. 

Any member funding a 2009 UFT commitment in 2010 should refer to the program guidelines and forms applicable to that year, which can be found in the table below.

2008 Urban First-time Homebuyer Fund

FHLB Des Moines suspended its Urban First-time Homebuyer Fund program in 2008.

Native American Homeownership Initiative

Rural Homeownership Fund

IFA AHP Rural Down Payment Assistance