Mortgage Rate Relief

Mortgage Rate Relief is available to home buyers earning up to 80% of area median income (AMI), determined by the Federal Housing Finance Agency's Underserved Areas Data.

 

All owners/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.

 

Qualified applicants will receive an approximate 1.5% interest rate reduction below the current market rate. This interest rate reduction only applies to 30-year fixed-rate mortgage loans. 

 

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).

 

Contact one of our mortgage lenders to verify your eligibility for Mortgage Rate Relief and to explain the program in greater detail.

 

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, they work with more than 1,200 financial institutions to support mortgage lending, economic development and affordable housing. Their members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions.

 

FHLB Des Moines is a bank for financial institutions. This product is made available to you through First State Bank and Trust.