Mortgage Rate Relief

Rates accurate as of 3/03/2025

Sullivan Bank is proud to offer the Mortgage Rate Relief (MRR) program in collaboration with the Federal Home Loan Bank of Des Moines.  The MRR Program provides a 30-year fixed rate mortgage at a reduced interest rate to qualified home buyers earning at or below 80% of the area median income (AMI).  The interest rate reduction is estimated at approximately 1.5%* less than current market rates, dependent on daily market rate fluctuations. 

Everything You Need to Know!

  • Funding for the Mortgage Rate Relief (MRR) program offered by FHLB of Des Moines is on a first-come, first-serve basis, provided funding under the program remains available under program guidelines. The program is temporary and can expire without advance notice when no funds remain or before 12/31/2025.
  • Subject to FHLB Des Moines MRR Program, FHLB Traditional Loan Product guidelines and credit approval.
  • Available to qualified home buyers earning at or below 80% of area median income (AMI), determined by the Federal Housing Finance Agency’s Underserved Areas Data as per the day of the loan application. All owner/occupant's and non-occupant co-borrower income sources must be considered when determining program eligibility, including income above what may be used to qualify for the mortgage loan. Adult owner/occupants must be on the application, the note, hold title, and occupy the property.   
  • Available for purchase transactions only, primary residence, 1-4 family dwellings. 
  • Standard PMI requirements for LTV > 80%. Maximum LTV is 95%, dependent on property type.
  • Can be used in conjunction with eligible grants, including FHLB De Moines Down payment products, which has separate requirements. 
  • This information does not constitute prequalification or pre-approval of any product or service offered by Sullivan Bank. This is not a commitment to lend. Additional terms and conditions may apply. 

*Qualified applications for the MRR product could receive an interest rate that may be approximately 1.5% below the current market rate. This is an estimate and may change based on daily market rate fluctuations.