Mortgage Rate Relief
Rates accurate as of 3/02/2026
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 up to 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 12/31/2026.
- 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. 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.
- 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 Des Moines Down payment products, which has separate requirements.
- This information does not constitute pre-qualification 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.