The Federal Home Loan Bank of Des Moines has awarded a $15,000 grant to Decorah Bank & Trust. The money comes from FHLB's Des Moines Rural Homeownership Fund, which supports homeownership opportunities for families and individuals in rural communities.
Decorah Bank will distribute 15 awards at $1,000 to each eligible homebuyers on a first-come, first-served basis.
"The biggest obstacle that prevents people from becoming a homeowner is usually the down payment and closing costs," comments Decorah Bank loan officer Mike Huinker. He says the 15 grant recipients can use the money to help them with the down payment or closing costs of a home, or can help pay for the rehabilitation of the property they want to purchase.
More information about Rural Homeownership Fund applicant requirements is available from Decorah Bank &Trust at (563) 382-0091.