DUBUQUE, Iowa–Dupaco Credit Union said it is partnering with the Federal Home Loan Bank of Des Moines on a new Mortgage Rate Relief program that provides eligible members with a rate reduction on their mortgage.
According to Dupaco, 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.”
The credit union said 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 two percentage points lower than the current market rate.
Working ‘One on One’
"At Dupaco, we work one-on-one with our members, uncovering ways to save them money,” Krystal Frederick, AVP-mortgage lending, said in a statement. “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."