Mortgage Rate Reduction Program

Deerwood Bank Expands Access to Affordable Homeownership Through Partnership with FHLB Des Moines 

Waite Park, Minnesota — March 4th, 2026. Deerwood Bank and the Federal Home Loan Bank of Des Moines (FHLB Des Moines) have joined forces to offer Mortgage Rate Relief, a housing affordability initiative designed to support income-qualified homebuyers by reducing mortgage interest rates up to 1.5% lower than the current market rate. The interest savings can be the difference in making the dream of homeownership a reality.  To see if you’re eligible for this program, click here.

“At Deerwood Bank, we believe every family deserves the opportunity to put down roots in a home they can truly call their own,” said Craig Lind, SVP Real Estate Lending. “This partnership with FHLB Des Moines allows us to bring meaningful rate relief to homebuyers across Minnesota, helping make homeownership more accessible and affordable at a time when it matters most.” 

Introduced in 2024, Mortgage Rate Relief has impacted more than 3,200 households, with over $58 million in grant funding applied to more than $655 million in funded mortgage loans across the FHLB Des Moines district. Thousands of families who are now better able to provide financial security for their families and grow their roots in our communities. 

“Our goal is always to provide our members with innovative tools and resources that make a real difference,” said Dan Mahlum, mortgage programs director at FHLB Des Moines. “This partnership strengthens our ability to support our members as they work to address housing affordability challenges and meet the needs of their customers.” 

About Deerwood Bank 

Deerwood Bank is a Minnesota-based community bank with a commitment to personalized service and strong local partnerships. With more than a century of experience, Deerwood provides financial solutions that support individuals, families, and businesses across Minnesota.  

About Federal Home Loan Bank of Des Moines 

The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.  

FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.