First Federal Expands Access to Affordable Homeownership Through Partnership with FHLB Des Moines
02/23/2026
By: Madi Reynolds
First Federal and the Federal Home Loan Bank of Des Moines (FHLB Des Moines) have joined forces to offer Mortgage Rate Relief, a housing affordability initiative designed to support income-qualified homebuyers by offering a 4.875% Interest Rate. The interest savings can be the difference in making the dream of homeownership a reality.
“As a community bank, we are committed to helping borrowers achieve sustainable homeownership,” said Brenda Hughes, Chief Operating Officer. “Through the Federal Home Loan Bank’s (FHLB) Mortgage Rate Relief product, we can enhance affordability for income-qualifying borrowers and expand access to homeownership opportunities. We are proud to partner with the FHLB in advancing housing stability within our community.”
Introduced in 2024, Mortgage Rate Relief has impacted more than 3,200 households, with over $58 million in grant funding applied to more than $655 million in funded mortgage loans across the FHLB Des Moines district. Thousands of families are now better able to provide financial security for their families and grow their roots in our communities.
“Our goal is always to provide our members with innovative tools and resources that make a real difference,” said Dan Mahlum, Mortgage Programs Director at FHLB Des Moines. “This partnership strengthens our ability to support our members as they work to address housing affordability challenges and meet the needs of their customers.”
Funds are available for a limited time.
Institution NMLS #402963 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 up to 1.5% below prevailing market rates at any given time. 5.125% interest rate (5.434 Annual Percentage Rate (APR)) valid as of 04/02/2026. Rate subject to change without notice. Mortgage Rate Relief funds are restricted to a primary residence, 1-4 family dwellings, and conforming conventional loans. 2Eligible households include those with income at or below 80% of the area FHFA median income. Eligible income is based on all adult owners/occupants. 3APR of 5.434% based on a $240,000 loan with a 10% down payment and 360 monthly principal and interest payments of $1,306.77. 4Borrower will need to meet the requirements of any grant programs in addition to the Mortgage Rate Relief requirements