Dubuque, IA – Dupaco Credit Union is offering a unique mortgage lending program that provides eligible members a permanent interest rate reduction of 1 percentage point below Dupaco’s current market rate. This special rate is available for eligible homebuyers, regardless of their location, and can only be applied to a new purchase.
Dupaco is partnering with the Federal Home Loan Bank of Des Moines (FHLB Des Moines) on the program that, in total, is providing $22 million in grant funds to those seeking affordable homeownership.
The Mortgage Rate Relief program launched in early March and Dupaco’s Krystal Frederick, AVP, Mortgage Lending mentioned the financial cooperative has already seen significant demand.
“As we approach prime homebuying season, we’ve already locked members in to receive this special rate,” said Frederick. “This permanent interest rate reduction is a fantastic opportunity for those eligible for the program; it could save them thousands of dollars in interest over the life of the loan, boosting their financial well-being.”
The Mortgage Rate Relief program offers homebuyers a special rate of 5.210% APR*.
FHLB Des Moines says this product is designed to make homeownership attainable for borrowers at or below 80% of the Federal Housing Finance Agency’s (FHFA) Underserved Areas Data.
“The Mortgage Rate Relief product is aligned with our mission and specifically designed to support our members with the goal of improving housing affordability within their local communities,” says Dan Mahlum, FHLB Des Moines mortgage programs director.
Those interested in learning more the Mortgage Rate Relief program and the program’s eligibility guidelines should contact Dupaco at 800-373-7600 ext. 204.
*Additional eligibility guidelines apply. Rate effective 3/31/2025. All loans subject to approval. Rates, terms, and conditions are subject to change. Equal Housing Opportunity.
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ABOUT DUPACO COMMUNITY CREDIT UNION
Dupaco Community Credit Union is a not-for-profit, member-owned financial cooperative headquartered in Dubuque, Iowa. It is dedicated to the financial well-being of its members, and specializes in personalized financial counseling, money advice and education. It offers savings, loans, investments, insurance and wealth management products for individuals and businesses. Dupaco serves residents in 118 counties throughout Iowa, northwest Illinois and southwest Wisconsin. Founded in 1948 by ten Dubuque Packing Company employees, membership has grown to more than 171,000 with assets exceeding $3.4 billion. It has over 600 employees and 23 branch office locations. It is a Forbes Best-in-State Credit Union, Forbes America’s Best Small Employer, and a Des Moines Register Top Workplace. Learn more at www.dupaco.com.
ABOUT FEDERAL HOME LOAN BANK OF DES MOINES
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. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement. 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.
