Home$tart® Down Payment Assistance
Making your first home more within reach.
Buying your first home can feel overwhelming—especially when it comes to upfront costs. Home$tart® is a down payment and closing cost assistance program that can help reduce those barriers, so homeownership feels more achievable.
Through Alerus and the Federal Home Loan Bank of Des Moines, qualifying first‑time homebuyers may receive grant funds to help cover the costs that often stand in the way of buying a home.
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$tart
Home$tart participants may receive $15,000 and households completing a home purchase in Hawaii may receive $25,000 in grant funds
You can enroll through any financial institution that is a member of FHLB Des Moines and participates in the Home$tart program. A list of participating financial institution members can be found on our Home$tart web page, located within the Affordable Housing Products section of our website, www.fhlbdm.com. Your lender will qualify you for Home$tart and explain the
program in greater detail.
Home$tart grants may be used to purchase single-family homes,
manufactured homes, condominiums and other types of residences. The home you purchase must be used for your primary residence. There are no neighborhood restrictions (i.e., type or location).
Home$tart grants may be used for down payment and closing costs for purchase of a home.
If your home is purchased with Home$tart assistance, it is subject to 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 prorated 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!