Housing Affordability Advance
Up to $50 Million Available
Beginning March 2, FHLB Des Moines is pleased to offer a 5-year, 0% Member Option Fixed-Rate (MOFR) advance rate for member institutions that purchase or originate below-market, whole residential mortgage loans from a Habitat for Humanity® affiliate or a non-depository Community Development Financial Institution (CDFI).
Housing Affordability Advance applications will be funded on a first-come, first-served basis, subject to eligibility and the availability of funds.
Key Product Features
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0% Member Option Fixed-Rate (MOFR) Advance
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5-year term with 1-year lockout
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Minimum advance: $100,000
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Member limit: $5 million
Eligibility
- Available to FHLB Des Moines members that purchase or originate below-market, whole residential mortgage loans from:
- Habitat for Humanity affiliate; or
- Non-depository Community Development Financial Institution (CDFI)
- The member must hold the eligible loan on its balance sheet prior to submitting the application.
- Housing Affordability Advances cannot exceed the unpaid principal balance of the eligible loan at the time of application.
- When used by the member to originate a new eligible loan on or after March 2, 2026, the interest rate on that new loan cannot exceed 3%.
For assistance, please contact CommunityInvestment@fhlbdm.com.
Application
Together, the member and its partnering non-depository CDFI or Habitat for Humanity affiliate submit the joint application to the FHLB Des Moines. Applications are typically reviewed within five business days or less.
Housing Affordability 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.
An approved application is not a reservation of funds.
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