Homeownership Just Got More Affordable
Mortgage Rate Relief Up to 1.5% Interest Rate Reduction for Qualified Homebuyers*
First Citizens Bank and the Federal Home Loan Bank of Des Moines (FHLB Des Moines) have joined forces to offer Mortgage Rate Relief, a housing affordability initiative designed to support income-qualified homebuyers by reducing mortgage interest rates up to 1.5% lower than the current market rate. The interest savings can be the difference in making the dream of homeownership a reality.
Qualifications Include:
- Borrowers’ income is at or below 80% Area Median Income (AMI) according to Federal Housing Finance Agency’s (FHFA) Underserved Areas Data
- Available for purchase transactions only, primary residence, 1-4 family dwellings
- Can be used in conjunction with other eligible grants, including the FHLB Des Moines Down Payment products, which has separate requirements.
For more information about mortgage rate relief, visit the FHLB of Des Moines website.
*Must meet current underwriting guidelines.
Contact one of our home loan experts 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 your mortgage lender 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 housing. Our 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 your participating mortgage lender!
Our Home Loan Experts
