Home$tart® Down Payment Assistance
You may be eligible to receive up to $15,000 towards a down payment on your house!
Home$tart Down Payment Assistance Funds:
If funds are not available, sign up here for notifications for when its available.
Home$tart® is a down payment and closing cost assistance programs offered by FHLB Des Moines to qualifying home buyers through State Bank of Southern Utah.
For assistance contact us at: (435) 586-4100 or mortgageinfo@sbsu.com
Frequently Asked Questions
How much grant money may I receive through Home$tart®?
Home$tart® participants may receive up to $15,000 in grant funds.
You must have a signed Purchase and Sale Agreement to enroll in HomeStart®.
Who can qualify for a Home$tart® grant?
The Home$tart® program is available to qualifying first-time home buyers earning up to 80 percent of area median income for the location of the residence being purchased. Income Limits are adjusted based on household size.
Utah Income Limitations
| # of People in Household |
Max Income |
| 1 Person |
$56,600 |
| 2 Person |
$64,650 |
| 3 Person |
$72,750 |
| 4 Person |
$80,850 |
| 5 Person |
$87,300 |
| 6 Person |
$93,800 |
| 7 Person |
$100,250 |
| 8 Person |
$106,700 |
Home$tart® recipients must also:
- Complete a home buyer education class if first-time homebuyer
- Qualify for mortgage financing with their lender
Are there any restrictions on the type of home I may purchase?
Home$tart® grants may be used to purchase single-family homes, manufactured homes, condominiums and other types of residences. The home you purchase must be used for your primary residence. There are no neighborhood restrictions (i.e., type or location). If you qualify for mortgage financing from your lender and are income eligible, you will likely be able to receive a Home$tart® grant.
Are there restrictions on how the grant may be used?
Yes. HomeStart® grants may be used for down payment and closing costs or to rehabilitate a new residence. Please contact your local lender if you plan to use your Home$tart® grant for rehabilitation. The grant may not be used to pay for moving costs or to pay bills.
What happens if I sell my house?
If your home is purchased with Home$tart® assistance, it is subject to a five-year deed restriction requiring that you return a portion of the grant if you sell your home within five years. This amount will be prorated based on the length of time you own the home, and the funds will be taken from your sale proceeds. If you sell your home at a net loss or to another low- or moderate-income home buyer or if you lose your home through foreclosure, the pro rata amount owed on your grant will be forgiven; in these cases, your title company should contact FHLB Des Moines to request a forgiveness review. However, if you live in the home for at least five years, you never have to repay the grant. It's all yours!
What is the Federal Home Loan Bank of Des Moines?
Federal Home Loan Bank of Des Moines is a member-owned cooperative that provides funding solutions and liquidity to more than 1,400 financial institutions. For a quarter of a century, they have dedicated 10 percent of their net income to creating and preserving homes in our district. Their member financial institutions can receive affordable Housing Product grants to create live able communities for households with limited incomes.
Do I have to make payments?
No. Payments are not required, and no interest accrues. The amount owed on the grant is reduced by a prorated amount every month and fully forgiven after 5 years.
Do I have to live in the home for the full 5 years?
No. The home must be your primary residence at the time of purchase, but you are not required to live in the home for the full 5 years. You simply must maintain ownership for 5 years to have the grant fully forgiven.
Can I refinance my home after I get the grant?
Yes. This grant will not negatively impact your ability to refinance your home in the future if you so choose.