Homeownership just got more affordable. With Mortgage Rate Relief, qualified homebuyers may receive an interest rate reduction of up to 1.5% below the current market rate on a 30-year fixed mortgage. his special program is made possible through the Federal Home Loan Bank of Des Moines and offered through participating lenders like us.
Continue reading below to see if you qualify:
HOW DO I QUALIFY?
Mortgage Rate Relief is available to homebuyers earning up to 80% of area median income
(AMI), determined by the Federal Housing Finance Agency’s Underserved Areas Data. All
owner/occupant’s income must be considered when determining eligibility for this interest rate
reduction product. This includes any income you may have above what is used to qualify for the
mortgage loan.
HOW MUCH WILL THIS LOWER MY MORTGAGE INTEREST RATE?
Qualified applicants will receive an interest rate reduction up to 1.5% below the current market
rate. This interest rate reduction only applies to 30-year fixed-rate mortgage loans.
ARE THERE ANY RESTRICTIONS ON THE TYPE OF HOME I MAY PURCHASE?
Mortgage Rate Relief may be used to purchase your primary residence and must be a 1–4-unit
residential property. There are no neighborhood restrictions (i.e., type or location).
HOW DO I APPLY FOR MORTGAGE RATE RELIEF?
Contact one of our mortgage loan officers to verify your eligibility for Mortgage Rate Relief and
to explain the program in greater detail.
WHO IS FHLB DES MOINES?
The Federal Home Loan Bank of Des Moines (FHLB Des Moines) is one of 11 regional Banks that
make up the Federal Home Loan Bank System. As a member-owned cooperative, we work with more than 1,200 financial institutions to support mortgage lending, economic development, and affordable insurance companies, thrifts and community developement financial institutions. FHLB Des Moines is a bank for financial institutions. This product is made available to you through your participating mortgage lender!
