Eligibility Requirements

Our Relationship Managers are happy to answer any questions you might have about becoming a member.

Financial Institution Member Eligibility 

Types of institutions eligible to become a member of FHLBank San Francisco:

  • Federally insured commercial banks, savings institutions, and industrial loan companies
  • Credit unions, including:
  • Federally insured credit unions
  • Privately insured, state-chartered credit unions
  • Credit unions that are certified by the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Department of the Treasury
  • Community development loan funds and venture capital funds that are certified by the CDFI Fund of the U.S. Department of the Treasury
  • Insurance companies (excluding captive insurance companies)

All members are required to purchase stock in FHLBank San Francisco, meet credit underwriting standards, and satisfy certain statutory requirements ensuring the applicant:

  • Is duly organized under federal, state, or tribal laws.
  • Is inspected and regulated under state or federal banking or similar laws. (A CDFI applicant is certified by the CDFI Fund instead.)
  • Either originates or purchases long-term home mortgage loans (loans with an original term-to-maturity of five years or more). An applicant may also qualify by purchasing and holding mortgage-backed securities representing an undivided interest in long-term home mortgage loans.
  • Has at least 10% of its total assets in residential mortgage loans, excluding securities sold under repurchase agreements. Community financial institutions (defined as FDIC-insured depository institutions with average total assets over the preceding three-year period of less than $1,461 million), insurance companies, and CDFIs are exempt from this requirement.
  • Is financially sound so that the Bank may safely make advances to it.
  • Has a sound, economical management and home financing policy. For insurance companies and CDFIs, a written narrative describing the manner in which the applicant supports housing finance is generally sufficient.

Detailed information about eligibility requirements and underwriting review standards is available in our Membership Guidelines and in the Federal Housing Finance Agency’s Membership Regulations (Code of Federal Regulations — Title 12, Part 1263).

Non-Member Housing Associates Eligibility

FHLBank San Francisco also extends credit to approved housing associates. We offer these associates many of the same types of credit products we offer our members, however approved associates are not members of the Bank.

Generally, the types of organizations below are eligible to be certified by FHLBank San Francisco as housing associates:

  • Government agencies, authorities, organization or publicly sponsored corporations that meet certain regulatory requirements
  • Entities chartered as corporations under state, federal, local, or tribal law

Housing associates that plan to use Bank credit to facilitate residential or commercial mortgage lending for low-income individuals or families may qualify as state housing finance agencies (as defined by FHLBank System regulations). This designation means they can pledge additional types of collateral to secure Bank credit.

By regulation, housing associates aren’t eligible to use or participate in these community programs:

  • Advances for Community Enterprise
  • Community Investment Program
  • Affordable Housing Program
  • Individual Development and Empowerment Account Program
  • Workforce Initiative Subsidy for Homeownership Program
  • Access to Housing and Economic Assistance for Development Program

We look forward to receiving your application. Please reach out to us with any questions about becoming an approved housing associate.