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Loan Eligibility Guidelines and Checklists

Announcement

NOTE ORIGINALITY

As a reminder, loans with scanned or imaged copies of paper notes, lost or destroyed notes, or notes with electronic and or facsimile signatures are not eligible. FHLB Des Moines does not accept collateral without wet-ink signatures.

eNotes: Currently the bank does not accept eNotes as eligible collateral. Information on eNotes is available here.

General Eligibility - All Collateral Types
1-4 Family Residential - Conventional
1-4 Family First Mortgage and Participation  - Collateral Type Codes 1101,1102 and 1103 only for whole loans. Collateral Type Codes 1461 and 1561 only for participation.
1-4 Family First Mortgage - Held for Sale Collateral Type Code 1106 only
1-4 Family First Mortgage Construction Collateral Type Code 1431 only
1-4 Family Home Equity Mortgage Collateral Type Code 1414 only
HELOC First and Second Mortgage Collateral Type Code 1423 and 1424 only
Multi-Family Real Estate
Multi-Family First Mortgage and Participation Collateral Type Code 1109 only for whole loan. Collateral Type Codes 1470 and 1570 only for participation.
Multi-Family Second Mortgage Collateral Type Code 1401 only
Multi-Family First and Second Mortgage Lines of Credit Collateral Type Codes 1441 and 1442 only
Commercial Real Estate
Commercial Real Estate First Mortgage and Participation Collateral Type Code 1402 only for whole loans. Collateral Type Codes 1471 and 1571 only for participation.
Commercial Real Estate Second Mortgage Collateral Type Code 1404 only
Commercial Real Estate First and Second Mortgage Lines of Credit Collateral Type Codes 1443 and 1444 only
Agricultural Real Estate
Agriculture Real Estate First Mortgage and Participation Collateral Type Code 1407 only for whole loans. Collateral Type Codes 1472 and 1572 only for participation.
Community Financial Institution (CFI) Loans
Secured Business Loan Collateral Type Code 1616 only
Secured Agri-Business Loan Collateral Type Code 1617 only
Secured Business Line of Credit Collateral Type Code 1626 only
Secured Agri-Business Line of Credit Collateral Type Code 1627 only
Government Insured
1-4 Family First Mortgage - Government Insured (FHA, VA, USDA RHS and HUD Section 184) Collateral Type Codes 1203, 1205, 1208 and 1209 only
FHA Home Equity Conversion Mortgage Loans Collateral Type Code 1211 only
FSA USDA and BIA Government Guaranteed Collateral Type Code 1206, 1207 and 1210 only
Federal Family Education Loan Program (FFELP) Collateral Type Code 1285 only

Note: Advance capacity of the eligible loan collateral is also impacted by loan underwriting practices. Please refer to the Underwriting Assessment Matrix to assure that eligible loans receive maximum advance capacity.