Down Payment Products: What's New in 2019

Changes to Program Guidelines and Forms

Quickly Jump to:

DOWNLOAD CHANGES FOR 2019

Program Guideline Changes
  • No new Down Payment Agreement is required for members who participated in 2018
  • Home$tart® program only available to first-time homebuyers (households with at least one first-time homebuyer on title)
  • Non-resident co-signers, co-borrowers, guarantors not allowed in Down Payment Program transactions
  • Member cap $100,000 for each program, subject to availability of funds in general pool
  • 2019 Home$tart general pool: $4,000,000 ($2,000,000 added to general pool on 7/1/19 for a total of $6,000,000)
    • Maximum grant per household: $7,500
  • 2019 NAHI general pool: $500,000
    • Maximum grant per household: $15,000
  • Home$tart Plus program not available in 2019

See Program Guidelines on the Home$tart and NAHI webpages

Reservation Process Changes - Income Calculation
  • Revised Income Calculation Guidelines with new instruction regarding:
    • Who to include in Household
    • Income Inclusions and Exclusions
    • Income documentation requirements
    • Expanded instruction on Income Calculation performed by the Income Calculation Workbook
  • Revised Income Calculation Workbook:
    • Additional instruction conforming to Guidelines and color coding for reference in worksheets
    • Household Summary now requires signature of all income-earning adult household members
    • Highlighted notes section for member comments on income calculation
  • Revised Certificate of Zero Income
  • Revised Technical Assistance document to assist with Reservation and Disbursement process

NOTE: Households assisted in the 2019 Round must qualify per the updated Income Calculation Guidelines. 

Disbursement Process Changes
  • The FHLB Des Moines Certificate of Homebuyer Education form is no longer required. We will require only class certificates to document completion of homebuyer education by first-time homebuyers.
  • Deed Restriction templates have been updated with FHLB Des Moines 909 Locust Street address.
  • Use the updated form for all households assisted in 2019.
  • Recorded Deed Restriction and executed Warranty Deed will be required at disbursement.
  • Deed Restriction should be recorded as a separate lien, not recorded together with the Deed of Trust or other liens.
  • Signed Closing Disclosure should be uploaded at disbursement, along with the final CD if revisions were made after signing.
  • Deferred 2nd mortgages should be reported as Other Forgivable Grants on Disbursement Information Page 2.
  • Revised Technical Assistance document to assist with Reservation and Disbursement process.
  • Guidance provided for member lookup of Rural/Urban locations included in Technical Assistance.

Contact Information: Down Payment Products

Community Investment

Toll Free: 800.544.3452, ext. 2400
CommunityInvestment@fhlbdm.com

Seattle Office

Jessica Grant
515.412.2755
jgrant@fhlbdm.com

Des Moines Office

Dawn Murphy
515.412.2312
dmurphy@fhlbdm.com