2024 Affordable Housing Program Information Now Available

last updated on Thursday, April 18, 2024 in Business News

Full details for the Federal Home Loan Bank of Des Moines Down Payment Products are now available in the 2024 Implementation Plan

Below is an overview of key program details for 2024. 

2024 Down Payment (DP) Products Overview:

* Reflects additional funding for Home$tart and NAHI that was approved on April 18, 2024. 

**Please note: Member cap is not a guarantee of program funds. Funds are available for eligible homebuyers on a first-come, first-served basis.

Release of 2024 Down Payment Products Funds

Funds are subject to availability. Down Payment Products funds will be released on the following schedule:

* Funds available no sooner than 12:00 PM CDT

2024 Home$tart and NAHI Program Updates:

Below are key updates to the 2024 DP Products. Complete details and information is available in our 2024 Implementation Plan. 

Grant Amounts Increasing and New Grant Limits Per Household

Reservations for grant amounts are only available at the maximum grant limit, per household.

• Home$tart grant amounts are $15,000 per household and $25,000 for households purchasing in Hawaii. 
• NAHI grant amounts are $25,000 per household.

Income Excluded from Household Calculations

Child support, alimony, maintenance, cash public assistance such as TANF and tribal reparations are no longer included in household income calculations starting in 2024. The updated income calculation guide can be reviewed for further details of included and excluded household income. 

Updated Household Questionnaire

The household questionnaire has been updated to include household member completed verification of income received or earned and dependent information removed. The requirement for custody documentation and verification of dependent residence is no longer required.  

Spousal Separation Time Period Removed

The requirement for documentation of physically separate households for separated spouses when there is no legal document is waived.

Zero Income of Certification Disclosure No Longer Needed 

This disclosure becomes redundant with the new Household Questionnaire and is no longer needed. 

Non-Occupant Cosigners and Guarantors Are Now Permitted 

Transactions that require a cosigner for additional credit stability are permitted as long as the non-occupant co-signer/guarantor will not take title to the home.  Buyers should still be able to income qualify on their own for the proposed purchase and mortgage.

No Appraisal Needed When the Down Payment Grant is Passed Through to a Non-Profit Mortgagor

Non-profits who are receiving grant funds as a pass thru from a member no longer need to provide an appraisal as part of the review process.  Bank notification and approval of this transaction structure is still required.

Unsourced Cash Deposits Explanation Required for Amounts $500 and Greater

Households that must provide two months bank statements for verification of required buyer funds totaling $10,000 or greater for the purchase of their home will be required to provide an explanation for deposits $500 or greater an increase over the previous requirement of $100 or more.

Escrowed Construction Purchases are No Longer an Eligible Use of Grant Funds for Home$tart and NAHI

The use of grant funds to build a new construction home is no longer an eligible use of funds in the down payment programs. Acquisition of a new construction home is an eligible use of grant funds. 

2024 Competitive Affordable Housing Program (AHP) Details

Key AHP Program Dates 

1. Affordable Housing Program
2. Home$tart
3. NAHI