Dupaco Making Homeownership More Affordable with Special FHLB Mortgage Rate Relief Program

July 15, 2024

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.