Disbursement/Reimbursement

The disbursement is the second part of obtaining the grant for a household.  The first part is the reservation, steps for which are detailed separately.

After the reservation has been approved, the FHLB Des Moines member will have 120 days to close and request disbursement.

In the steps below, the FHLB Des Moines member will request disbursement as a reimbursement for an eligible reservation.

Once the disbursement has been submitted, FHLB Des Moines staff typically reviews the request to determine disbursement eligibility within 10 calendar days.

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

If there is a holdback for rehab/repairs or new construction, the repairs or construction must be completed and all documentation submitted for review within one year of the initial disbursement request submission.  Grant funds will not be disbursed until escrow has closed, and all documentation of funds has been reviewed.

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

Below are the steps to initiate and submit a disbursement request through Down Payment Online (DP Online).

Disbursement / Reimbursement: Home$tart®

  • Documents Required for Disbursement
    1. If first-time homebuyer:
      • Certificate of Homebuyer Education signed by both member and borrower(s) on title to the home (Disbursement Information Page 1)
      • Copy of the homebuyer education course class certificate(s) (Disbursement Information Page 1)
      • Note: 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 2nd mortgage if applicable (Disbursement Information Page 2)
    3. Final Mortgage Closing Disclosure or applicable settlement statement for 1st mortgage (Disbursement Information Page 3)
    4. Certificate of Borrower Eligibility signed by the member. This document is created within the DP Online system during the disbursement request process, from information collected on previous screens. (Disbursement Information Page 3)
      • Note: If the Adobe Reader error is received, please use the “Print PDF” link on the screen.
    5. Copy of executed Deed Restriction (Retention Agreement) and the executed Warranty Deed (Disbursement Information Page 3)
    6. Repair/Rehab Worksheet if applicable (Disbursement Information Page 3)
      • Note: All funds for Rehab/Repair must be distributed through escrow and reflected in the Closing Disclosure.
    7. Property Inspection Report from completion of rehabilitation if applicable (Disbursement Information Page 3)
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  • Step 1: Select the Eligible Reservation

    After successfully logging into DP Online, 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”.

    Refer to page 19 of the Down Payment Online Manual for instructions.

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  • Step 2: Initiate the Disbursement

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

    As you navigate DP Online, please be aware that you must press the “Save” button on each screen to successfully save your changes before proceeding.

    Refer to pages 19-22 of the Down Payment Online Manual for navigation instructions.

    Note: To gain access to the Disbursement Home screen to complete a previously initiated disbursement, click on the Disbursement ID number. You will NOT be able to initiate a disbursement request for a reservation that already has a disbursement initiated.  See page 23 of the Down Payment Online Manual for instructions.

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  • Step 3: Submit the Disbursement

    Once you reach the “Timeline” screen in DP Online, review and click “Save”, then click “Home” in the bottom right-hand corner to return to the “Disbursement Home” screen.

    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. To verify that the disbursement request was submitted, note whether the status of the disbursement changed from “Disbursement Request Pending” to “Disbursement Request Submitted”.

    Refer to pages 24-25 of the Down Payment Online Manual for more detailed instructions and examples.

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  • Step 4: 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.

    Refer to pages 26-27 of the Down Payment Online Manual for more information on responding to a disbursement clarification request.

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