Affordable Homeownership Made Easy with Home$start and Home$start Plus
Achieving Homeownership Dreams with the Federal Home Loan Bank (FHLB) of Des Moines. For families with the dream of homeownership, the Federal Home Loan Bank (FHLB) of Des Moines is a beacon of hope, offering two remarkable programs: Home$tart and Home$tart Plus. These initiatives are carefully designed to provide down payment and closing cost assistance, making it easier for individuals to turn their homeownership aspirations into reality.
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Available Assistance
Under the Home$tart Program, participants have the opportunity to receive a grant of up to $7,500, while those enrolled in the Home$tart Plus Program can access up to $15,000. These funds are a lifeline, and they can be strategically allocated to cover some or all of the down payment, closing costs associated with a mortgage transaction, or even the cost of property rehabilitation. It’s important to note that Home$tart and Home$tart Plus funds cannot be used to cover moving costs. The availability of funds is on a first-come, first-served basis, contingent upon availability.
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Eligibility Requirements
Both Home$tart and Home$tart Plus are open to qualifying homebuyers whose income falls at or below 80 percent of the area median income (as detailed below). Participants must meet all lender guidelines and be eligible for a first mortgage. Additionally, first-time homebuyers taking part in either program are required to complete a homebuyer education class.
Property Guidelines
Any property acquired through the Home$tart or Home$tart Plus programs must serve as the applicant’s primary residence. While there are no neighborhood restrictions, eligible property types include single-family homes, manufactured homes, condominiums, and townhomes.
Income Limits
Household income is broadly defined as the total income received by all household members aged 18 or older who will be residing in the home, regardless of their mortgage status. The income limits based on household size are as follows:
- 1 person household: $46,050
- 2 person household: $52,600
- 3 person household: $59,200
- 4 person household: $65,750
- 5 person household: $71,050
- 6 person household: $76,300
- 7 person household: $81,550
- 8 person household: $86,800
With the support of the FHLB of Des Moines’ Home$tart and Home$tart Plus Programs, families and individuals can step confidently into homeownership. Don’t let financial barriers stand in the way—seize the opportunity to establish your home and build a brighter future.
