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Habitat for Humanity® Advance Rate Discount

Application window currently closed as no funds remaining for 2024

A source of liquidity to build the mortgage lending capacity of Habitat for Humanity (Habitat) affiliates and support affordable homeownership in our communities. FHLB Des Moines has exhausted the $100 million in total advances for this initiative in 2024. 

Key Product Features

  • 0% interest Member Option Fixed-Rate (MOFR) Advance
  • 5-year term with 1-year lockout
  • Minimum advance: $100,000
  • Member limit: $20 million
  • Eligible advance amounts cannot exceed the unpaid principal balance of Habitat mortgage loans held by the member at the time of application*

Supporting Habitat for Humanity® and Affordable Housing

As part of our affordable housing mission, FHLB Des Moines previously offered 5-year, 0% rate Habitat for Humanity Advances to member institutions that purchased or originated below-market residential mortgage loans from Habitat affiliates and held them for investment on their balance sheet. This source of liquidity helped build the mortgage lending capacity of Habitat for Humanity to serve additional low- to moderate-income homeowners and generated community partnerships between our members and their local Habitat affiliates.

Eligibility

Habitat for Humanity Advances could not exceed the unpaid principal balance of Habitat mortgages held by the member at the time of application. Habitat mortgages are defined as below-market whole residential mortgages originated on behalf of a Habitat for Humanity homebuyer by either: (1) a member or (2) a Habitat affiliate and subsequently purchased by a member. Habitat affiliates and homebuyers do not have to reside in the Bank’s district.

Next Steps

Reach out to your local Habitat affiliate to learn more about partnering with them to purchase or originate below-market residential mortgage loans for Habitat homeowners. While this product is no longer available in 2024, FHLB Des Moines remains committed to supporting affordable housing initiatives and encourages ongoing partnerships with Habitat for Humanity affiliates. 

*Applications are funded on a “first-come, first-served” basis, subject to the availability of funds. Habitat Advances are subject to the terms and conditions contained in the Bank’s Member Products Policy. Disbursement of advance funds remains subject to the Bank’s normal credit and collateral requirements. In addition, an approved application is not a reservation of funds.