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Home$tart plays a central role in making homeownership a reality for low- and moderate-income families in our members’ communities. Seattle Bank members and prospective homebuyers both have a role in the process.

Member Responsibilities

As sponsors of homebuyers applying for Home$tart grants, Seattle Bank members must:

• Ensure that the homebuyer’s household income is at or below 80 percent of HUD-defined area median income, adjusted for family size. Please visit the Housing and Urban Development (HUD) Web site for income guidelines.
• Complete the Seattle Bank’s 2009 Home$tart Program Annual Income Calculation Worksheet (xls) to verify income for every member of the household over the age of 18. Please refer to our Income Calculation FAQ for advice regarding the fastest and most efficient way to calculate income and enroll homebuyers.
• Complete and submit a 2009 Home$tart Enrollment and Certification Form (pdf) within one year of the date of qualification, once a household is determined to be eligible to participate in Home$tart.
• Ensure that homebuyers successfully complete a Seattle Bank-approved homebuyer education course.
• Complete the 2009 Home$tart Disbursement Request and Certification Form (pdf) and provide a household account statement to demonstrate the account balance requirement. Please note that the account balance must comprise the homebuyer’s own earnings. Gift funds will not be considered part of the household account balance. The Seattle Bank may deny disbursement of Home$tart funds for any enrolled homebuyer whose account statement shows that the homebuyer may contribute 20 percent or more toward the purchase price of the home.
• Ensure that homebuyers do not receive more than $250 cash back at closing.
• Certify homebuyer status on a semi-annual basis.
• Provide financial or other incentives, approved by the Seattle Bank, to homebuyers, such as reduced loan fees, credit counseling, or lower loan rates. Incentives must be offered exclusively to Home$tart customers. Please note that general services offered to all customers will not be considered eligible Home$tart incentives.
• Provide a final, signed HUD-1 settlement statement to the Seattle Bank within 30 days of closing.
• Provide a copy of a recorded Deed of Trust and Retention Agreement to the Seattle Bank within 90 days of closing (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).

Homebuyer Responsibilities

• Provide two consecutive pay stubs, or other approved income documentation, for every member of the household over the age of 18 who will reside in the home to be purchased to demonstrate that household income does not exceed 80 percent of area median income, adjusted for family size.
• Demonstrate an account balance made up of the homebuyer’s earnings. Gift funds will not be considered toward the account balance requirement.
• Complete a homebuyer education course that meets Seattle Bank requirements.
• Purchase a home within one year of being enrolled in the program.
• Be a first-time homebuyer. The Seattle Bank’s definition of a first-time homebuyer is as follows: The homebuyer may not have owned a home (including a mobile home titled as real property) within the three years prior to purchasing a home with Home$tart assistance. Exceptions may be made for displaced homemakers or single parents who have previously owned a home with a spouse or domestic partner.
• Agree to place a recorded, five-year Deed of Trust and Retention Agreement on the home to be purchased. If the home is sold within five years of purchase, a pro-rata share of the Home$tart grant must be repaid by the homebuyer.

Please note: Home$tart allows participating member financial institutions to receive up to $200,000 annually. This is not a guarantee of funds, but rather the maximum amount one member can receive if there are sufficient funds available.

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).