Your path to homeownership may be more affordable.
Unlock lower rates.
Western State Bank wants to make homeownership more affordable for you!
Through our partnership with the Federal Home Loan Bank of Des Moines (FHLB Des Moines), we’re offering a special program that may lower your interest rate. If you’re eligible, you may receive an interest rate reduction of approximately 1.50% (1.50% APR)* compared to the current market rate. This may mean long-term savings and a smoother path to owning a home.
Program requirements include**:
- 30-year fixed-rate loans only
- Primary residences that are 1-4 unit family dwellings
- Purchase transactions only
- Total owner/occupant income must be 80% or less of area median income (AMI) as defined by Federal Housing Finance Agency (FHFA) guidelines
Frequently Asked Questions
What is Mortgage Rate Relief?
Mortgage Rate Relief is a product that provides eligible households a more affordable path to homeownership by permanently reducing their interest rate by approximately 1.5 percentage points lower than the current market rate.
How much will this lower my mortgage 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.
How do I apply for Mortgage Rate Relief?
Contact your mortgage lender to verify your eligibility for Mortgage Rate Relief and to explain the program in greater detail.
How do I qualify?
Mortgage Rate Relief is available for home buyers earning up to 80% of area median income (AMI), determined by the Federal Housing Finance Agency’s Underserved Areas Data.
All Owners/occupants’ 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.
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).