Lower Your Mortgage Rate. Get Closer to Home.
Eligible homebuyers may qualify for an interest rate reduction of up to 1.5% on a 30‑year fixed‑rate mortgage, made available through the Federal Home Loan Bank of Des Moines.*
Buying a home is a major financial decision. Through the Mortgage Rate Relief program, Alerus helps qualified homebuyers reduce their mortgage interest rate and monthly payment, making homeownership more attainable.
How Mortgage Rate Relief Works
Mortgage Rate Relief offers a reduced interest rate on qualifying fixed‑rate loans. It’s one more way Alerus supports affordable homeownership and helps buyers feel more prepared for long‑term success.
- Up to 1.5% interest rate reduction*
- Available on 30‑year fixed‑rate purchase mortgage loans
- Designed to help lower monthly principal and interest payments
Getting Started
Connect with a mortgage banker
We’ll talk through your goals, answer your questions, and explain how Mortgage Rate Relief may apply to your situation.
Explore your loan options
We’ll walk through the types of financing available to you — including Mortgage Rate Relief if you qualify — and discuss what aligns with your comfort level.
Plan ahead with clarity
From documentation to timelines, we’ll help you understand what to expect so you can move forward confidently.
Frequently Asked Questions
Mortgage Rate Relief is a program offered through the Federal Home Loan Bank of Des Moines (FHLB Des Moines) and made available by participating lenders, including Alerus. It provides a temporary interest rate reduction to help make monthly mortgage payments more affordable for eligible homebuyers.
Eligible homebuyers may receive an interest rate reduction of up to 1.5% below the current market rate. The interest rate reduction amount is not guaranteed and may vary based on eligibility and program funding availability.
The Mortgage Rate Relief program is available for 30‑year fixed‑rate mortgage loans used to purchase a home.
Eligibility is based primarily on household income. Your total household income, including income from all owner‑occupants, must be at or below 80% of the Area Median Income (AMI) for the property’s location.
Yes. All income from owner‑occupants must be considered when determining eligibility, even if some income is not used to qualify for the mortgage itself.
Mortgage Rate Relief may be used to purchase:
- A primary residence
- 1–4 unit residential properties
- Homes in any location or neighborhood
To get started, contact an Alerus mortgage expert. We’ll help you review eligibility requirements, answer questions, and guide you through the mortgage application process.