TS Bank is excited to announce a new mortgage program called Home$tart through the Federal Home Loan Bank (FHLB) of Des Moines. Home$tart is a down payment and closing cost assistance program offered to qualifying home buyers from TS Bank!
Who can qualify?
The Home$tart program is available to qualifying home buyers earning up to 80 percent of area median income for the location of the residence being purchased. You can find median income information for your area on the Department of Housing and Urban Development (HUD) website at www.huduser.org. Income limits are adjusted based on household size. Participants must also:
- Complete a home buyer education class if a first-time homebuyer
- Qualify for mortgage financing with their lender (in this case TS Bank)
How much grant money may I receive through these programs?
Participants may receive up to $5,000 in grant funds.
You must have a signed Purchase and Sale Agreement to enroll in this program.
How do I enroll in this program?
You can enroll through TS Bank. Your TS Bank lender can sign you up and explain the programs in greater detail.
Are there any restrictions on the type of home I may purchase?
Grants may be used to purchase single-family homes, manufactured homes, condominiums or other types of residences. The home you purchase must be used for your primary residence. There are no neighborhood restrictions.
Are there restrictions on how the grant may be used?
Yes. Grants may be used for down payment and closing costs or to rehabilitate a residence. The grant may not be used to pay for moving costs or to pay bills.
What happens if I sell my house?
If your home is purchased with one of these programs, it is subject to a 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. However, if you live in the home for at last five years, you never have to repay the grant.
Qualifying participants can receive up to $5,000 in Grant Funds! The grant may be used for down payment and closing costs or to rehabilitate a new residence.
Please contact TS Bank today at (844) 487-3030 to apply for mortgage financing!