Home$tart - Compliance
Members must submit the following documentation for each homebuyer receiving a Home$tart
grant:
- Final HUD-1 settlement statements, within 30 days of
the closing of the home purchase.
- A Deed of Trust and Retention Agreement, recorded upon the purchase of a home. A
recorded copy must be returned to the Seattle Bank within 90 days of the closing
of the home purchase. (Exception: Homes purchased in Multnomah County, Oregon or
located in the state of Hawaii are permitted up to six months to provide a copy
of the recorded Mortgage and Retention Agreement.) This agreement ensures that a
pro-rata share of the Home$tart grant will be returned to the Seattle Bank if the
Home$tart-assisted home is sold before the end of the five-year retention period.
The original recorded Deed of Trust is not required for
compliance purposes, but should be submitted to the Seattle Bank in order to
expedite reconveyance of the Home$tart lien upon completion of the five-year
retention period.
Click on the appropriate state to download a Deed of Trust and Retention Agreement:
The Seattle Bank will request semi-annual certifications around the end of June
and December to verify whether enrolled households remain interested in receiving
the Home$tart grant.
Homebuyers must purchase a home within one year of being enrolled in Home$tart or
their reservation will be withdrawn and the funds set aside for them will be made
available for new enrollments on a first-come, first-served basis. Members may request
up to two six month extensions for homebuyers.
For detailed information regarding program requirements, please refer to our Home$tart and Home$tart Plus 2009 Member Policies and Procedures
(pdf), or contact Community Programs Analyst Craig Horton (206.340.2436).