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Rural first-time homebuyer program


Homeownership Set-aside Program

Remaining Funds (as of 3/20/13): $2,014,100.00

HSP provides down payment, closing cost and rehabilitation assistance to first-time homebuyers earning at or below 80 percent of the AMI for households purchasing or constructing homes in rural areas.
Registration (HSP Agreement form) begins Feb. 1

Reservations (HSP Disbursement Request form) accepted March 1

Funds available $2.4 million; $5,000 per household

Funding Limits $250,000 per member until May 1; no funding limit per member after May 1 (subject to availability of funds)

RDRA and TOP are no longer available

For details about the program, see section IX of the 2013 AHP Implementation Guide, located to the right.

NEW in 2013: Disbursement request form is now combined with the Income Calculation Worksheet (ICW) .

Read the Disbursement Request Instructions on the right sidebar before using the new forms.

Then, click on the Disbursement Request Form on the right sidebar. This opens up to the ICW. Complete the ICW first. Then click on the Disbursement Request Form tab at the bottom. Data from the ICW will feed the Disbursement Request Form, making it easier for you to complete. Print the completed docs and send to us by fax or mail.


How FHLBank Topeka members participate in HSP

1.Register on or after February 1 by completing, signing, and submitting to FHLBank, the 2013 HSP Agreement. The Agreement must be signed by an authorized signer on record at FHLBank. Carefully review the program requirements provided in the 2013 AHP Implementation Plan and in the 2013 HSP Agreement.

2.Reserve funds on or after March 1 by completing, signing and submitting the HSP Disbursement Request Form. The reservation must be signed by an authorized signer. The reservation is valid for 90 days.

3.Request disbursement of funds by signing, completing and submitting the HSP Disbursement Request Form along with other required documents including a draft loan settlement statement, a draft Truth-in-Lending statement, FHLBank income calculation worksheet, verification of homebuyer completion of homebuyer education program, draft AHP note and draft mortgage/deed.

New for 2013: HCD staff cannot edit or correct your submitted disbursement request form; however we can assist you in completing the form by reviewing unsigned drafts. Once the form is complete and correct, you can submit a final signed version of the request form. The form must be signed by an authorized signer.

4.Provide funds to the homebuyer within 60 days after the funds have been deposited by FHLBank in the member’s DDA.

5.Submit final closing documents to FHLBank within 90 days of funds disbursement to the member. The final closing documents include the original or certified copy of the recorded AHP mortgage or AHP deed of trust, the original AHP note. The final Truth-in-Lending disclosure, and the final signed settlement statement are due to FHLBank immediately after closing—sooner than 90 days of funds disbursement to the member—due to finance agency reporting requirements. Please fax the final Truth-in-Lending disclosure and the final signed settlement statement to FHLBank immediately after closing, and submit the other closing documents within 90 days of funds disbursement to the member.

6.Submit all documents including Agreement, Reservation, Disbursement Request and draft and final closing documents via fax or mail. We are unable to accept these documents via email.


Program Requirements

Homebuyer must be first-time homebuyer and may not own or be an investor in another residence.

Home must be in rural area, as designated in the “Am I Rural” tool, located to the right.

Maximum household income must be at or below 80 percent of applicable AMI. The income calculation must be made using FHLBank ‘s Income Calculation Guidelines and Income Calculation Worksheet, located to the right.

Homeowner must contribute a minimum $500 down payment. Participation in housing programs requiring sweat equity, as outlined in the 2013 AHP Implementation Plan, may be substituted for the $500 down payment. The down payment cannot include gifted funds.

Cash back to a household at closing on the mortgage loan may not exceed $250. Any amount in excess of $250 must be used to reduce the principal of the mortgage loan.

Homebuyers must complete a homebuyer education program provided by an organization approved by FHLBank. See the list of approved providers in the right sidebar.

Households must agree to retain the home for 5 years.

Other program requirements are provided in section IX of the 2013 AHP Implementation Plan, located to the right.

Call 866.571.8155.