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FARGO, ND – For a limited time, qualifying homebuyers can apply for a Gate City Bank home loan with an interest rate up to 1.5% below current market rates.1
Starting March 2, the Mortgage Rate Relief program is available to homebuyers who earn up to 80% of the area median income, according to the Federal Housing Finance Agency’s Underserved Areas Data. Eligible loans must be used to purchase a primary, 1-4 family residence, and all owner and occupant income is considered when determining qualification.
The rate reduction applies exclusively to 30-year fixed-rate mortgages. Funds may be combined with other down payment and closing cost assistance programs, such as Gate City Bank’s $250 credit for qualifying first-time homebuyers.
“Making homeownership attainable has been part of Gate City Bank’s mission for more than a century and participating in this program is another way we’re helping customers build a better financial future,” said Kim Settel, Gate City Bank Executive Vice President and Chief Retail Banking Officer. “By offering reduced‑rate financing to those who qualify, we’re removing barriers and opening doors for those who need it most.
The program is possible through a partnership Gate City Bank has with the Federal Home Loan Bank (FHLB) of Des Moines.
The mortgage rate discount is available on a first-come, first-served basis until December 31, 2026, or until the $25 million allotted to the program has been fully distributed. Each participating financial institution can access up to $6 million in rate relief funding.
“Our commitment goes far beyond loans,” Settel said. “We invest in our communities through philanthropic giving, volunteerism and long-term partnerships that strengthen the places we call home. We’re proud to continue creating a better way of life for our customers and communities through initiatives like the Mortgage Rate Relief program.”
To apply for the program or see if you qualify, contact a Gate City Bank mortgage lender.
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1 Mortgage Rate Relief program is available to homebuyers earning up to 80% of area median income (AMI), in partnership with the Federal Home Loan Bank (FHLB) of Des Moines, until 3:30 p.m. CT on December 31, 2026, and/or until allotted funding has been fully distributed. Program interest rates offered by FHLB Des Moines will be up to 1.5% below prevailing market rates at any given time. Actual rates may vary. All owner/occupant income must be considered when determining eligibility. Rate reduction applies only to 30-year fixed rate mortgage loans. Must be used to purchase a primary, 1-4 family residence. Other terms, conditions and qualifications may apply.
