As of Thursday, July 17th, the Mortgage Rate Relief Program is no longer available.
HomeTown Bank is proud to announce the launch of its new Mortgage Rate Relief program, in partnership with the Federal Home Loan Bank of Des Moines and the Mortgage Partnership Finance (MPF) program. This innovative product offers eligible households the opportunity to secure a mortgage with an interest rate that is approximately 2% lower than the current market rate, providing substantial savings for homeowners.
The Mortgage Rate Relief program is designed to support our community by making homeownership more affordable and accessible. This initiative aligns with our commitment to fostering financial wellness and stability for our customers. By leveraging these resources and support of FHLB Des Moines and the MPF program, we are able to offer this exceptional benefit to those who quality.
Q: How do I know if I would qualify?
The Mortgage Rate Relief product is available to home buyers or existing homeowners 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 your eligibility for this interest rate reduction product. This includes any income you may have above what is used to qualify for the mortgage loan.
Q: How much mortgage rate relief will I receive?
Qualified applicants will receive an approximate 2% interest rate reduction below the current market rate while funds remain available in the program. This interest rate reduction only applies to 30-year fixed-rate mortgage loans. Loans must be funded by 12/31/2024.
Q: Are there any restrictions on the type of home I may purchase?
Mortgage Rate Relief may be used to purchase or refinance your primary residence and must be a 1-4 single-family unit property. There are no neighborhood restrictions (i.e., type or location).
Q: Who is FHLB 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!
We invite all prospective and current homeowners to explore this unique opportunity. The Mortgage Rate Relief program exemplifies our dedication to serving the financial needs of our community and helping our customers achieve their homeownership dreams.
For more information about the Mortgage Rate Relief program and to see if you qualify, please contact your local HomeTown Bank lender. Our team is ready to assist you with any questions and guide you through the application process.
About: Since 1924, HomeTown Bank has been providing customers with the most innovative financial services and solutions. As a community bank, HomeTown Bank strives to personally get to know customers, building strong relationships they can trust. A Star Tribune Top Workplace, HomeTown Bank is committed to creating an experience that our customers love through experience, talent and community.
About the Federal Home Loan Bank of Des Moines: The Federal Home Loan Bank of Des Moines is a member-owned cooperative that provides funding solutions and liquidity to nearly 1,300 financial institutions to support mortgage lending, economic development and affordable housing in their communities. Serving 13 states and three U.S. Pacific territories, FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.
