The Federal Home Loan Bank of Des Moines (FHLB Des Moines) is offering a new mortgage product, Mortgage Rate Relief, which will provide $25 million in grant funds to those seeking affordable homeownership. The Mortgage Rate Relief product is available to Participating Financial Institutions (PFIs) within the Mortgage Partnership Finance® Program.
Mortgage Rate Relief is available to home buyers or existing homeowners earning up to 80% of area median income, determined by the Federal Housing Finance Agency’s Underserved Areas Data. All owner/occupant’s income will be considered when determining eligibility for this interest rate reduction product.
Qualified applicants will receive an approximate 2% interest rate reduction below the current market rate. Loans must be funded by December 31, 2024, so contact a CorTrust Mortgage lender to verify eligibility and learn more about the program.
Call CorTrust Mortgage at (800) 529-0192 or visit our our mortgage resources to learn more.
“We are very excited to be offering this product in partnership with FHLB Des Moines. We want to help make homeownership obtainable and believe the Mortgage Rate Relief program can aid our community members in achieving that goal.”
— Todd Hopkins, CorTrust Mortgage President
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CorTrust Mortgage serves 16 South Dakota communities, and 15 Minnesota communities, with 37 branch locations. We offer a variety of loan products including conventional loans, first-time home buyer loans, rural development loans, FHA loans, VA loans, and more. And unlike others, we service most mortgage loans locally. CorTrust Mortgage – raise your expectations.
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.