FMSB announces $15,000 in funding to homebuyers

A grant totaling $15,000 was recently awarded to Farmers & Merchants Savings Bank by Federal Home Loan Bank (FHLB) of Des Moines. The grant is part of the FHLB Des Moines Rural Homeownership Fund (RHF) supporting homeownership opportunities for families and individuals in rural communities.
Many 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 RHF 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 RHF, Farmers & Merchants Savings Bank will be able to distribute awards of up to $1,500 to each eligible homebuyer. These funds are available at Farmers & Merchants Savings Bank’s locations in Decorah and Waukon.
"This is a tremendous opportunity for Farmers & Merchants Savings Bank and for first-time homebuyers,” stated Dennis M. Lyons, senior vice president, Farmers & Merchants Savings Bank. “Interest rates continue to be at record lows and now with partial funding of closing costs, this is the perfect time for prospective buyers to contact Farmers & Merchants Savings Bank. We offer long-term, fixed interest rates and any of our mortgage lenders can answer your questions on the qualifying process to owning your first home.”
Since the creation of RHF in 1996, over 6,100 grants totaling more than $23 million have been awarded in support of rural housing activity in the Bank’s five state district. “The Rural Homeownership Fund is one of many ways FHLB Des Moines works with local lenders to help them meet the needs of their communities,” said Gary Dodge, VP/director, community investment, FHLB Des Moines. “Through the grants, these lenders are able to bring stability to the lives of the recipient families and individuals, as well as to their neighborhoods, towns and communities.”
Those interested in purchasing a home using the Rural Homeownership Fund grant may contact one of the lenders at Farmers & Merchants Savings Bank for details at 563-568-3417 in Waukon or at 563-382-3837 in Decorah.