For Immediate Release
October 22, 2013
First National Bank of Moose Lake Announces $15,000 in Funding to Homebuyers
A grant totaling $15,000 was recently awarded to First Nation Bank of Moose Lake by Federal Home Loan Bank of Des Moines. The grant is part of FHLB Des Moines Homeownership Fund supporting homeownership opportunities for families and individuals across five Midwestern states.
Many hardworking home buyers who can make a house payment still find themselves unable to purchase a home because they do not have the funds required for upfront costs. Through the Homeownership Fund program, these qualified individuals and families receive funds to assist with the down payment, closing cost, counseling or rehabilitation of the property.
By participating in the Homeownership Fund Program, First National Bank of Moose Lake will be able to distribute awards of up to $5,000 to each eligible homebuyer.
“We all need a little help from time to time. This is especially true when buying a home. The number one struggle for home buyers is coming up with the cash for closing costs and down payment,” said Rick Bothwell, Loan Officer, First National Bank of Moose Lake. “Let our partnership with Federal Home Loan Bank of Des Moines unlock the door to your home.”
Each year, FHLB Des Moines returns 10 percent of its net income to communities throughout its district, an investment of nearly $230 million which has created or rehabilitated 50,000 homes.
“The Homeownership Fund helps hardworking individuals make the transition into homeownership,” said Gary Dodge, VP/director, community investment, FHLB Des Moines. “Programs like this allow the Bank to partner with member financial institutions to preserve homeownership and help strengthen communities.”
If you are interested in purchasing a home using the Homeownership Fund grant, contact one of First National Bank’s experienced mortgage lenders for details.
For a complete listing of Homeownership Fund recipients, visit www.fhlbdm.com.