HSP Updates: $2 million more added
June 17, 2014
Homeownership Set-aside Program Updates
Additional Funds Allocated to the 2014 HSP
On June 10, 2014, FHLBank’s Housing & Community Development (HCD) department allocated an additional $2 million to the Homeownership Set-aside Program (HSP). This brings the total funds available for the 2014 HSP to $8.5 million.
AVOID DELAYS OR FAILURES IN FUNDING - REMEMBER THE FOLLOWING:
HSP Reservations
- Authorized signers: Know who your institution’s authorized signers are! If you aren't sure who is authorized to sign, give us a call at 866.571.8155.
- Be certain that the signature you obtain on the HSP Funds Reservation Form is on FHLBank’s list of authorized signers.
- Property address: Provide the homebuyer’s address for the property being purchased, NOT the current address.
HSP Disbursement Requests
Homebuyer Education:
- Use the lists of approved providers for your state available on the HSP Website15.
- We can provide funding only for homebuyers who have participated in courses offered by approved providers on these lists.
- Be certain that the provider and/or the homebuyer signed the certificate, even if there isn’t an official spot on the certificated for their signature.
Settlement Statement:
- Obtain the signatures of the borrower and the seller.
- We cannot fund transactions where debt is paid off at closing.
- Rehabilitation expenses are best handled as an escrow account managed by the member.
- Please call us if you have questions about how to document rehabilitation expenses on the settlement statement.
FHLBank Topeka Note and Mortgage:
- Be certain that the borrower name(s) and address, and the grant amount match the information on the settlement statement and other documents.
- The date must match the settlement date.
Please call Housing and Community Development at 866.571.8155 if you have any questions