New Market is excited to offer the Mortgage Rate Relief program. This program permanently lowers your interest rate. This is being offered in partnership with the Federal Home Loan Bank and provides a fixed interest rate that is 1.500% below the prevailing market for those who qualify.
Qualifying is based on income caps. Your household income must be at or below 80% of the ‘Area Median Income’ (AMI) as defined by the Federal Housing Finance Agency (FHFA). For reference, most all of the greater Minneapolis/St. Paul metro (Hennepin, Ramsey, Dakota, Washington, Wright, Anoka, Carver, Scott, Le Sueur, Mille Lacs, Sherburne, and Chisago counties) have an AMI of $123,700. Your household income (all those on title to the property) must fall at or below 80% of $123,700 or $98,960.
As of 03/31/2025, a qualifying borrower(s) would get a fixed 30-year rate of 5.125%, 5.164% APR. No buy-down costs, no origination fee, no points. Just the typical title, government, and other fees associated with a purchase transaction. Interest rates on this program will change from time to time as market conditions require, but not as often as typical rates.
As you can imagine, this greatly increases your purchasing power. For example, a $300,000 mortgage at market rates today would give you a Principal & Interest payment of approximately $1,996. At a rate of 5.125%, 5.164% APR that payment would be permanently reduced to $1,703. That’s a savings of $293/month!
The maximum loan-to-value on this product is 95%. You must put a minimum of 5% down and be purchasing a 1–4-unit primary residence. All other underwriting is the same as any Conventional mortgage. Please contact one of our mortgage lenders for the low rate details.
*The rate and APR (Annual Percentage Rate) are current as of 03/31/2025 and may change at any time. They are based on a $300,000 loan amount with a monthly payment of $1,703 for a 30-year term. The loan payments do not include taxes and insurance; the actual payments may be higher. They assume you have a FICO® Score of 620+ and a 20% down payment. They also assume the loan is for the purchase of a single-family home as your primary residence.