Peoples Savings Bank is excited to offer the Mortgage Rate Relief (MRR) Program in partnership with the Federal Home Loan Bank of Des Moines. This program provides eligible homebuyers with a 30-year fixed-rate mortgage at a reduced interest rate, offering an estimated 1.5% lower rate* than the current market—helping make homeownership more affordable.
Key Program Details:
- Limited-time opportunity – Funding is available on a first-come, first-served basis and may expire at any time, or no later than 12/31/2025.
- Eligibility – Available to qualified homebuyers earning at or below 80% of the area median income (AMI) as determined by the Federal Housing Finance Agency’s Underserved Areas Data at the time of application.
- Property Requirements – Applies to primary residence purchase transactions (1-4 family dwellings). The maximum loan-to-value (LTV) is 95%, depending on property type, and private mortgage insurance (PMI) is required for LTV over 80%.
- Additional Assistance – Can be combined with eligible grants, including FHLB Des Moines Down Payment Assistance products, subject to separate requirements.
- Program Guidelines – Loans must meet FHLB Des Moines MRR Program and traditional loan product guidelines, as well as standard credit approval requirements.
- Not a Loan Commitment – This information does not constitute prequalification, pre-approval, or a commitment to lend. Additional terms and conditions may apply.
*Eligible applicants may qualify for an estimated 1.5% rate reduction compared to current market rates. Actual rate adjustments are subject to daily market fluctuations.
Want to know more? Fill out the form below and we will have one of our lenders contact you.
Equal Housing Lender.