Home$tart and Home$tart Plus - Compliance
To ensure compliance with the terms of the Home$tart and Home$tart Plus programs, members must submit
the following documentation for each homebuyer receiving a Home$tart or Home$tart Plus grant:
- Within 30 days of the Home$tart or Home$tart Plus grant disbursement: A final HUD-1
settlement statement. The HUD-1 settlement statement:
- Must be marked/stamped as FINAL and signed by all parties.
- Must clearly identify the Home$tart or Home$tart Plus grant (e.g., “Federal Home Loan Bank of Seattle grant” or “Home$tart grant”) and grant amount.
- Must confirm that “cash-to-borrower” did not exceed $250. If “cash-to-borrower”
does exceed $250, members must provide documentation in the form of a copy of the check and a
statement from the principal mortgage holder showing that the funds in excess of
$250 have been applied toward principal reduction or as a credit toward monthly
Note: Homebuyers may not receive more than $250 cash back
at closing for any reason, even if the funds belong and are being returned to
the homebuyer (i.e., earnest money).
- Within 90 days of the Home$tart or Home$tart Plus grant disbursement: A recorded,
compliant retention agreement must be provided to the Seattle Bank. This agreement ensures that a
pro-rata share of the Home$tart or Home$tart Plus grant will be returned to the Seattle Bank if the
Home$tart or Home$tart Plus-assisted home is sold before the end of the five-year retention period.
Copies of the recorded retention agreement may be accepted for compliance purposes.
Exception: Members are permitted up to 180 days to provide a recorded, compliant retention agreement for homes located in Multnomah County, Oregon, or the state of Hawaii.
- Semi-annually: The Seattle Bank will request semi-annual certifications around the end of June and December to verify whether enrolled homebuyers are progressing toward home purchase and remain interested in receiving the Home$tart or Home$tart Plus grant.
Seattle Bank Deed of Trust and Retention Agreements must be submitted on the most current forms. Click on the appropriate state to download a Seattle Bank Deed of Trust and Retention Agreement:
The Seattle Bank Deed of Trust and Retention Agreement or Seattle Bank-approved retention
agreement must be recorded as a separate lien.
If you have questions regarding compliance, please refer to our Home$tart and Home$tart Plus Member Policies and Procedures
(pdf), or contact
Mandie Ludlam (206.340.2389).