Down Payment Product Guide
last updated on Friday, November 8, 2024 in Affordable Housing
Our member financial institutions have access to grant funds to provide down payment and closing cost assistance to income eligible owner-occupant households with incomes at or below 80% of area median income (AMI).
| Home$tart® |
Native American Homeownership Initiative (NAHI) |
| Qualifying first-time homebuyers purchasing a home to be used as their primary residence. |
Qualifying Native American, Alaska Native, or Native Hawaiian households, purchasing a home within the FHLB Des Moines District. |
Select a Down Payment Product that’s right for your homebuyer
Understanding the differences between our Down Payment Products is vital to your overall success in the program. Below you will find a comparison of our products based on a number of key features. Please do not hesitate to contact us if you have any questions.
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Home$tart |
NAHI |
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Grant available per household
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$15,000 or $25,000*
(*Hawaii purchases)
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$25,000
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2024 annual member limit
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$150,000
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$150,000
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Eligibility
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First-time homebuyer
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N/A
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Household incomes at or below 80% AMI as published by HUD or NAHASDA at time of enrollment
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Income limits adjusted based on household size
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Financial literacy class requirement
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Used with Conventional, FHA, VA, Portfolio, USDA, HUD 184
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Owner-occupied primary residence
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Property Types and Purchase Limits
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Single-family including condominiums, manufactured homes or cooperative
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Purchase price limits
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Purchase location
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USA/US territories
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FHLB Des Moines district
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Grant Fund Use
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Down payment and closing costs for purchase of a home
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Layered with other grants and secondary liens
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5-year deed restriction
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Used with rehabilitation, repair or construction funding
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No
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No
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DOWN PAYMENT PRODUCT CMPARISON GUIDE
Why participate in Down Payment programs:
- Meet Community Reinvestment Act objectives to serve low- to moderate-income households
- Provide grants to expand market share or increase penetration in existing markets
- Improve loan-to-value ratios on mortgage loans
- Build community goodwill
- Promote your corporate brand
- Help families in your community realize their homeownership dreams by providing down payment and closing cost assistance
GET STARTED
Grants are available on a first-come, first-served basis to eligible members that have executed a Down Payment Subsidy Agreement. Members must submit the Reservation to FHLB Des Moines before the loan closes. Members are strongly encouraged to receive Bank approval of the Reservation prior to closing. View the 2024 Implementation Plan for full down payment product details.
TAGS
- Affordable Housing Program
- Home$tart
- Membership Benefits
- NAHI
- Native Programs