Madison Reporter

Dubuque, IA – Dupaco Credit Union has introduced a mortgage lending program that offers a permanent interest rate reduction of 1 percentage point below the current market rate for eligible members. The program applies exclusively to new home purchases and is available to qualifying homebuyers regardless of their location.

In collaboration with the Federal Home Loan Bank of Des Moines (FHLB Des Moines), Dupaco is distributing $22 million in grant funds to promote affordable homeownership. Launched in early March, the Mortgage Rate Relief program is already experiencing considerable interest, according to Krystal Frederick, AVP, Mortgage Lending at Dupaco.

"As we approach prime homebuying season, we’ve already locked members in to receive this special rate," said Frederick. "This permanent interest rate reduction is a fantastic opportunity for those eligible for the program; it could save them thousands of dollars in interest over the life of the loan, boosting their financial well-being."

The program offers an interest rate of 5.210% APR to qualified buyers. The FHLB Des Moines aims to support homebuyers whose income is at or below 80% of the Federal Housing Finance Agency's Underserved Areas Data.

"The Mortgage Rate Relief product is aligned with our mission and specifically designed to support our members with the goal of improving housing affordability within their local communities," stated Dan Mahlum, FHLB Des Moines mortgage programs director.

Potential participants interested in the Mortgage Rate Relief program and its eligibility criteria are encouraged to contact Dupaco at 800-373-7600 ext. 204.

*Additional eligibility guidelines apply. Rate effective 3/31/2025. All loans subject to approval. Rates, terms, and conditions are subject to change. Equal Housing Opportunity.