Mortgage Rate Relief Program

    Homeownership just got more affordable. 

    Apply NowLink to mortgage application Contact a LenderLink to contact form

    Home buyers and refinancers rejoice!

    Slash your interest rates by 1.5%*

    Does homeownership seem out of reach? If your income is at or below 80% of the county median, you may qualify for the Mortgage Rate Relief program. Qualified applicants will receive an approximate 1.5% interest rate reduction below the current market rate*.

    Mortgage Rate Relief Qualifications

    Household Income Below $98,9601

    To qualify, your household income must be at or below $98,960 for Sherburne and surrounding counties (this number is 80% of the area median income). You can look up the area median income for other counties using the lookup tool - just click the button below.  

    Lookup Tooltool to look up the area media income for counties

    Low Minimum Down Payment

    Geared towards helping those with lower incomes, this program offers low down payment options, and access to assistance programs like Home$tart for qualified applicants. 

    Hurry! Funds are expected to go fast!

    Limited funds are available for this program.

    Apply NowLink to mortgage application portal

    Frequently Asked Questions

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    Calculators are provided by Banzai. This calculator is being provided for educational purposes only. The results are estimates that are based on information you provided and may not reflect The Bank of Elk River product terms. The information cannot be used by The Bank of Elk River to determine a customer's eligibility for a specific product or service. All financial calculators are provided by the third-party Banzai and are not associated, controlled by or under the control of The Bank of Elk River, its affiliates or subsidiaries. The Bank of Elk River is not responsible for the content, results, or the accuracy of information.

    *The Mortgage Rate Relief interest rate offered by FHLB Des Moines will be approximately 1.5% below prevailing market rates at any given time. Program is available to qualified applicants only. Mortgage must be for an owner-occupied 1-4 family residential property and be a 30-year fixed conforming conventional. Limited funds available. 

    1Household median income listed is for Sherburne County.

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