Buying your first home is a big step. The Home$tart® program may help qualifying first-time homebuyers with down payment and closing costs.
Home$tart® is offered by FHLB Des Moines through participating member financial institutions like PSB Bank. If you meet the program qualifications, our lending team can help walk you through the next steps.
What is Home$tart®?
Home$tart® is a down payment and closing cost assistance program for qualifying first-time homebuyers.
Eligible homebuyers may receive up to $15,000 in grant funds to help with the purchase of a home.
Grant funds may be used for:
- Down payment costs
- Closing costs related to the purchase of a home
Who may qualify?
You may qualify for Home$tart® if you:
- Are a qualifying first-time homebuyer
- Earn up to 80% of the area median income for the location of the home being purchased
- Meet income limits based on household size
- Complete a homebuyer education class
- Qualify for mortgage financing with your lender
- Have a signed Purchase and Sale Agreement before enrolling
- Are purchasing a home that will be used as your primary residence
What types of homes may qualify?
Home$tart® funds may be used to purchase several types of primary residences, including:
- Single-family homes
- Manufactured homes
- Condominiums
- Other eligible residence types
The home must be used as your primary residence.
Do you have to repay the grant?
Home$tart® assistance is subject to a five-year deed restriction.
If you live in the home for at least five years, you do not have to repay the grant.
If you sell the home within five years, you may be required to repay a prorated portion of the grant from the sale proceeds. Some exceptions may apply, including certain situations involving a net loss, sale to another low- or moderate-income homebuyer, or foreclosure.
Think you may qualify?
We’re here to help you understand your options.
If you think you may meet the Home$tart® qualifications, fill out the form below and a PSB Bank loan officer will reach out to talk through the next steps.
You can also stop by any PSB Bank location to speak with our team.
Important Program Information
Home$tart® grant funding is subject to availability. Eligibility requirements, income limits, restrictions, and other conditions apply. A PSB Bank loan officer will help determine whether you may qualify and explain the program in greater detail.
Home$tart® is offered by FHLB Des Moines through participating member financial institutions.