First Federal Bank is excited to offer a mortgage savings product – Mortgage Rate Relief – through FHLB of Des Moines. For qualifying households, Mortgage Rate Relief will lower the current market mortgage interest rate approximately 1.5%!1
Mortgage Rate Relief Features:
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Approximately 1.5% interest rate1 reduction for eligible borrowers
To be eligible, household must be at or below 80% of the FHFA area median income2
Funds are available on a first-come, first-served basis. -
Available for 30-year fixed-rate mortgage purchase loans
- Can be paired with other eligible down payment programs including Home$tart3
Speak with a First Fed Mortgage Banking Professional to learn more and see if you qualify for Mortgage Rate Relief or another down payment reduction program.
Our efficient approvals, on-time closings, and mortgage expertise are some of the reasons why we are Idaho’s Community Bank of Choice!
All credit products are subject to approval. Private mortgage insurance is typically required for loans with greater than 80% loan-to-value ratio.
1The Mortgage Rate Relief interest rate offered by FHLB Des Moines will be between 1.5-2.0% below prevailing market rates at any given time. Mortgage Rate Relief funds are restricted to a primary residence, 1-4 family dwellings, and conforming conventional loans.
2 Eligible households include those with income at or below 80% of the area FHFA median income. Eligible income is based on all adult owners/occupants.
3 Borrower will need to meet the requirements of any grant programs in addition to the Mortgage Rate Relief requirements.