Home Ownership More Affordable with Mortgage Rate Relief
Choice Bank is proud to partner with the Federal Home Loan Bank of Des Moines (FHLB Des Moines) to offer Mortgage Rate Relief, a unique product that provides a more affordable path to homeownership by reducing the interest rate by approximately 1.5 percentage points for qualified borrowers.
“At Choice Bank, we are committed to making homeownership more accessible and affordable for everyone. The Mortgage Rate Relief product is a game-changer, offering significant savings on interest rates and helping more families achieve their dream of owning a home,” said Blair Sandy, Senior Director of Residential Mortgage Lending at Choice Bank.
What is Mortgage Rate Relief?
Mortgage Rate Relief is designed to make homeownership attainable for borrowers at or below 80% of the Federal Housing Finance Agency’s (FHFA) Underserved Areas Data.
“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,” says Dan Mahlum, FHLB Des Moines mortgage programs director.
Introduced in 2024, Mortgage Rate Relief has provided more than $28 million, impacting over 1,500 households, with 64% being first-time homebuyers. In 2025, FHLB Des Moines has committed to support the Mortgage Rate Relief program with up to $22 million of voluntary funding to help meet community homeownership needs.
How Do I Qualify?
Mortgage Rate Relief is available to home buyers earning up to 80% of area median income (AMI), determined by the Federal Housing Finance Agency’s Underserved Areas Data. All owner/occupant’s income must be considered when determining eligibility for this interest rate reduction product. This includes any income you may have above what is used to qualify for the mortgage loan.
How Much Will This Lower My Mortgage Interest Rate?
Qualified applicants will receive an approximate 1.5% interest rate reduction below the current market rate. This interest rate reduction only applies to 30-year fixed-rate mortgage loans.
Are There Any Restrictions on the Type of Home I May Purchase?
Mortgage Rate Relief may be used to purchase your primary residence and must be a 1-4 unit residential property. There are no neighborhood restrictions (i.e., type or location).
How Do I Apply for Mortgage Rate Relief?
Contact one of our local mortgage lenders in your area below to verify your eligibility for Mortgage Rate Relief and to learn more about the program!
Bismarck Fargo + Grand Forks Minneapolis
Through our versatile home loan options, Choice can help you capture the pride of a new home. Our team of experienced home lenders specializes in everything from pre-qualification to your final payment. We’re here for you every step of the way.
Talk to a home loan expert!
Financial example: $275,000 purchase price, 20% down, loan amount of $220,000, annual percentage rate (APR) of 5.443%, credit score above 640. 360 payments of $1,231.94. Mortgage Relief APR example is effective 3/3/2025. The interest rate is a limited-time offer for a new, single-family, owner-occupied residence loan. Offer is subject to change without notice.