$6 Million in Additional Grant Funds Allocated to Mortgage Rate Relief
last updated on Monday, September 16, 2024 in Community News
Federal Home Loan Bank of Des Moines is proud to announce an additional $6 million of funding has been allocated to the Mortgage Rate Relief product. Since the launch in Spring 2024, Mortgage Rate Relief has helped fund over 1,000 loans in underserved areas by permanently reducing interest rates by approximately 2 percentage points lower than the current market rate. The additional voluntary funding is part of our commitment to enable communities in our district to become more vibrant places to live and work through affordable housing and community investment.
Mortgage Rate Relief is available on a first-come, first-served basis to Participating Financial Institutions within the Mortgage Partnership Finance® (MPF®) Program beginning September 16, 2024.
The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. 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/about.
Media Contact:
Julie DeVader | Public Relations Manager
515.412.2712
JDeVader@fhlbdm.com
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- Mortgage Rate Relief