Update: As of July 17, 2024 at 3:00 PM CST, all funds for the FHLB Mortgage Rate Relief program have been allocated.
Dubuque, IA – Dupaco Credit Union is proud to partner with the Federal Home Loan Bank of Des Moines (FHLB Des Moines) to offer a new program, Mortgage Rate Relief. This unique program provides eligible members with a rate reduction on their mortgage.
The Mortgage Rate Relief program is available for eligible homebuyers, regardless of their location, who may be just beginning their homeownership journey or looking to reduce their existing rate.
“At Dupaco, we work one-on-one with our members, uncovering ways to save them money,” said Krystal Frederick, AVP, Mortgage Lending at Dupaco. “We’re thrilled to offer the Mortgage Rate Relief program, which can reduce mortgage interest rates for qualified homebuyers. This program strengthens our commitment to supporting our members’ financial well-being.”
The Mortgage Rate Relief program provides $25 million in grant funds to those seeking affordable homeownership. 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, by permanently reducing their interest rate by approximately 2 percentage points lower than the current market rate.
“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.” said 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 or visit www.dupaco.com/
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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 162,000 with assets exceeding $3.2 billion. It has nearly 700 employees and 22 branch office locations. Dupaco is a Community Development Financial Institution (CDFI). 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 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.
Additional eligibility guidelines apply. All loans subject to approval. Rates, terms and conditions are subject to change.
