Mortgage Center

Mortgage Rate Relief

Peoples Bank is excited to partner with the Federal Home Loan Bank (FHLB) Des Moines to offer Mortgage Rate Relief, starting March 3, 2025. Mortgage Rate Relief is a unique product that provides eligible households a more affordable path to homeownership by permanently reducing their interest rate approximately 1.50% below current market rates.*

• Funds are extremely limited and on a first-come, first-served basis.
• Qualified borrowers are those whose total household income is at or below 80 percent of the area median income.
• The program applies to 30-year fixed rate conventional loans only.
• The program can be used to purchase a primary residence, which must be a 1-4 single-family unit property.

* All credit products are subject to approval. Loans must close by end of 2025. Private mortgage insurance is typically required for loans with greater than 80% loan-to-value ratio. The Mortgage Rate Relief interest rate offered by FHLB Des Moines will be approximately 1.50% below prevailing market rates at any given time. Mortgage Rate Relief funds are restricted to a primary residence, 1-4 family dwellings, and 30-year fixed conforming conventional loans. Eligible households include those with income at or below 80% of the area FHFA median income. Eligible income is based on all adult owners/occupants. Borrower will need to meet the requirements of any grant programs in addition to the Mortgage Rate Relief requirements.

Fixed-Rate & Adjustable-Rate

Our most popular mortgages include conventional, jumbo and super jumbo fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs). Our mortgage lenders can help you determine whether a fixed-rate or adjustable-rate mortgage is the best option for you depending on your financial situation.