The disbursement is the second step in obtaining the grant for a household. The first step is the reservation, which is detailed separately.

After the Reservation has been approved, the FHLB Des Moines member will have 120 days to close the mortgage loan and request the Disbursement. View FHLB Des Moines processing times. Following FHLB Des Moines review, members who submit a disbursement request will have 120 cumulative days to provide any requested documentation necessary to complete the disbursement. Additional details on this disbursement expiration timeline are available below.

  • Note: Members must fund the grant at the mortgage loan closing and will be reimbursed at Disbursement.

After the disbursement has been approved, the FHLB Des Moines member will receive the grant funds via transfer to the member’s DDA account.

Steps to initiate and submit a disbursement request through Down Payment Online (DP Online)

Disbursement / Reimbursement: Home$tart®

  • Documents Required for Disbursement
    1. All first-time homebuyers: copy of the homebuyer education course class certificate(s). Both homebuyer and co-buyer will need to take the course and complete the documentation if they are on title and first-time homebuyers.
    2. Final Mortgage Closing Disclosure or applicable settlement statement for 1st mortgage and 2nd mortgage if applicable.
    3. Certificate of Borrower Eligibility signed by the member. This document is created within the DP Online system from information collected on previous screens.
      • Note: If the Adobe Reader error is received, please use the “Print PDF” link on the screen.
    4. Copy of Recorded Deed Restriction (Retention Agreement) and the executed Warranty Deed. 
    5. If applicable, Repair/Rehab Worksheet combined with documentation of payment (provide as one PDF).
      • Note: All funds for Rehab/Repair must be distributed through escrow as reflected on the final Closing Disclosure. Unused escrow must be paid to loan principal.
    6. If applicable, Property Inspection Report demonstrating completion of rehabilitation.
  • Step 1: Initiate and Complete Disbursement

    Log into DP Online through eAdvantage. Select the reservation number or homebuyer last name on the “Dashboard” homepage. Please note that disbursement requests can only be submitted for households with a status of “Reservation Request Eligible”.

    Once you select the correct homebuyer or Reservation, you will be directed to the Reservation screen to initiate the disbursement request. Hover over the “Initiate” button in the navigation bar near the top of the page and then click “Disbursement”.

    A Technical Assistance Guide is available for navigation instructions and steps to complete the Disbursement.

    • Note: To gain access to the Disbursement Home screen to complete a previously initiated disbursement, click on the Disbursement ID number in the dashboard.

    All of the required steps on the Disbursement Home screen must be completed with a green check mark before clicking “Submit”. Any steps with a red x or yellow check mark must be completed before continuing. The Disbursement is only completed once the “Submit” button on the Disbursement Home screen has been clicked.

  • Step 2: Respond to Clarification Requests

    FHLB Des Moines staff will conduct a review of the disbursement request. If there are any questions or additional information is needed, our staff will initiate a disbursement clarification request in DP Online, which will trigger an automatic email to be sent to all users associated with the disbursement. The user will need to address the clarification requests within the disbursement in DP Online.

    A Technical Assistance Guide is available for navigation instructions and steps to complete the Disbursement.

Processing Times for Disbursements

  • Please allow 30 days for review of disbursement requests. 
  • Disbursements are processed in the order they are received. 
  • If there is a holdback or escrow for rehab/repairs or new construction, submit the Disbursement request immediately upon closing. The Bank will defer Disbursement until all construction or repairs are completed and documentation of payout of escrowed funds per Bank guidelines is submitted for review.

Note: The disbursement will not expire while it is under FHLB Des Moines review.

Time Limits on the Disbursements of Funds

All disbursement requests will have 120 cumulative days following the initial review by FHLB Des Moines to provide any requested documentation necessary to complete the disbursement. Time for FHLB Des Moines review does not count towards this 120-day time limit.

  • The Member Dashboard within DP Online has been enhanced to display expiration dates for disbursement requests under, "Disbursement Request Clarification Pending."
  • Members will receive an email 30 days prior to expiration reminding them to complete the disbursement.  
  • Disbursement timelines for loans where the member has escrowed funds for new construction or rehabilitation remain unchanged and still have 1 year from disbursement submission to complete the disbursement process.  
  • Extensions may be requested when necessary.