August 4, 2017
Introducing Standard Personal Property Valuations
As you are aware, previously when using FirstHome, Mortgage Credit Certificate, FirstHome Plus or Military Homeownership Assistance Program  the lender was required to provide third party valuations. Effective immediately, it is no  longer necessary for our lending partners to obtain valuations from Craigslist or any other  sources.

The IRS will not allow Mortgage Revenue Bond programs to fund the purchase of
personal property. Thus, when using FirstHome, Mortgage Credit Certificates, FirstHome Plus or Military Homeownership Assistance grants, the  borrower must provide their own funds to cover the value of any personal property.

Therefore, if the transaction has personal property this will still continue to be noted in
your conditions upon review of the pre-close package. The borrower must then have at
least enough of their own funds (earnest money, deposit, etc.) in the transaction to cover
the value of the personal property.
We have researched valuations across the State of Iowa and determined the median values. There will now be one valuation for items considered personal property by the IRS. The valuations are available  here .
Personal property includes items not attached to the home. The following are examples of
personal property, but not limited to: washer, dryer, hot tub, pool table and lawn mower.

If you have questions regarding personal property or any items not listed in the valuations.
Please contact your assigned  single-family team member  with any questions. 
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