Changes Announced to Down Payment Products
posted on Tuesday, March 31, 2020 in Business News
In response to feedback from our members, FHLB Des Moines has implemented the following changes for our Home$tart and Native American Homeownership Initiative (NAHI) down payment products.
Homebuyer Education Course Certificate
In effort to streamline document collection prior to closing we will collect the First-Time Homebuyer Education Course Certificate for all individuals on title upon submission of a reservation for down payment funds. Collection of the certificate will be required for reservation approval.
The update to the reservation process will provide a smoother post-closing experience and help to ensure no last minute challenges for this pre-closing condition.
This change will not affect the collection of the certificate when submitting a disbursement request. We ask you continue to upload all of the requested documents at disbursement.
Household Member Questionnaire
Many members have inquired about the need for a standardized form to simplify the additional clarifications needed for the Household Summary.
As of April 1, we have created a Household Member Questionnaire to be completed by each adult member of a household (age 18 and older).
Please collect these signed forms and upload with the Household Summary when submitting a request for reservation of down payment funds. You must provide the relevant documentation with the uploaded income documents.