Home$tart and Home$tart Plus grant disbursements are conditioned on the information provided on the
and Home$tart Plus Disbursement Request and Certification form, supporting documentation, and the member’s
compliance with the Seattle Bank’s Community Investment programs. Adherence to the guidelines
below can help to ensure a more efficient and timely disbursement process.
- Before submitting a disbursement request to the Seattle Bank, members must have received an email confirming
that the enrollment has been approved or confirmed enrollment approval via the Community Investment Services
portion of the bank’s website. Questions about pending enrollments or enrollment status can be answered by
logging on to the Community Investment Services portion of our website.
When completing the Home$tart and Home$tart Plus
Disbursement Request and Certification form (pdf), Seattle Bank members must ensure that:
- Every page has been completed, and every field has a written response
(even if the response is “N/A” or “No”).
- An individual authorized by their institution’s
Transaction Authorization for Funding -
Community Investments Programs form has signed page four of the disbursement request.
- A homebuyer education certificate of completion and an account statement (or other acceptable documentation of the demonstrated account balance) have been included with the disbursement request, and that:
- The account statement or verification of deposit shows a sufficient available and/or current balance and is dated no more than 45 days prior to the requested review date on the disbursement request form.
- The account statement clearly shows the homebuyer and/or co-buyer name, institution name, statement date, and current and/or available balance of funds as of the statement date.
- If using sweat equity hours, earnest money, home inspections and/or appraisal costs to meet the requirement, please contact Community Programs staff to confirm the type of documentation required.
- Gift funds have not been included to meet the account balance requirement.
The Seattle Bank may deny disbursement of Home$tart and Home$tart Plus funds if the homebuyer may contribute 20 percent or more toward the purchase price of the home.
- The Seattle Bank may inquire about the affordability of the mortgage if the sum of principal and interest payments for all non-deferred/forgivable mortgages or loans equals or exceeds 35 percent of the household’s monthly gross income (as calculated via the
Home$tart and Home$tart Plus Annual Income
Calculation Worksheet (xlsx)).
- The “requested review date” is the date that the Seattle Bank will review the request and, if all documentation is complete, transfer funds to the member’s DDA. The Seattle Bank recommends submitting disbursement requests with a "requested review date" of five business days prior to the “anticipated mortgage closing date”. Additionally, disbursement requests must be submitted at least one business day prior to the requested review date.
Please see the Compliance page for post-disbursement requirements.
Final approval of the disbursement of Home$tart or Home$tart Plus funds is subject to
the sole discretion of the Seattle Bank and subject to all applicable laws, rules,
regulations, and policies of the Seattle Bank, as amended from time to
time. Participating members should advise homebuyers that the homebuyer’s receipt
of Home$tart or Home$tart Plus funds is not guaranteed and that there is a risk that disbursement
of those funds will not be approved. The Seattle Bank is not liable for any losses
or damages resulting from a failure to disburse Home$tart or Home$tart Plus funds to a
member or a homebuyer.
If you have questions regarding disbursement, please refer to our
Home$tart and Home$tart Plus Member Policies and Procedures
(pdf), or contact
Mandie Ludlam (206.340.2389).