Unlock Your Future with Down Payment Assistance for Homebuyers
Are you dreaming of owning your own home but feeling held back by the daunting prospect of saving up for a hefty down payment? We are here to turn your dreams into reality! Our down payment assistance programs are designed to empower you on your journey to homeownership.
Home$tart
Home$tart® is a down payment and closing cost assistance program offered by FHLB Des Moines to qualifying first time home buyers through member financial institutions.
Who can qualify for a Home$tart grant?
The Home$tart program is available to qualifying first time home buyers earning up to 80 percent of area median income for the location of the residence being purchased. Income limits are adjusted based on household size. Home$tart recipients must also:
- Complete a home buyer education class
- Qualify for mortgage financing with their lender
You must have a signed Purchase and Sale Agreement to enroll in Home$tart.
How much grant money may I receive through Home$tart?
Home$tart grant recipients may receive $15,000 in grant funds.
How do I apply in Home$tart?
SouthPoint is a participating member in partnership with FHLB. You can apply online for your mortgage at www.southpointhomemortgage.com. When your Loan Officer contacts you, please note you are interested in this program, and he/she will qualify you for Home$tart and explain the program in greater detail.
Are there any restrictions on the type of home I may purchase?
Home$tart grants may be used to purchase single-family homes, manufactured homes, condominiums and other types of residences. The home you purchase must be used for your primary residence. There are no neighborhood restrictions (i.e., type or location).
Are there restrictions on how the grant may be used?
Home$tart grants may be used for down payment and closing costs for purchase of a home or for repairs in connection with the home purchase.
What happens if I sell my house?
If your home is purchased with Home$tart assistance, it is subject to a five-year deed restriction requiring that you return a portion of the grant if you sell your home within five years. This amount will be prorated based on the length of time you own the home, and the funds will be taken from your sale proceeds. If you sell your home at a net loss or to another low- or moderate-income home buyer or if you lose your home through foreclosure, the prorata amount owed on your grant will be forgiven; in these cases, your title company should contact FHLB Des Moines to request a forgiveness review. However, if you live in the home for at least five years, you never have to repay the grant. It’s all yours!
Note: funds are available on a first come, first serve basis & 1st quarter funds in 2024 have been depleted. Additional funds will be added throughout the year. Plan a minimum of 30 days from the date grant request documents are submitted to FHLB for their approval process.