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High Ridge Branch Notice:  Beginning April 4, 2025, the Drive-Up at the High Ridge Branch will close at 5:00 pm. 

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Famers & Merchants Bank offers the Mortgage Rate Relief Program

Farmers & Merchants Bank is excited to offer the Mortgage Rate Relief Program (MRR) in collaboration with the Federal Home Loan Bank of Des Moines. 

IMPORTANT PRODUCT FEATURES

  • The MRR Program provides a 30-year fixed rate mortgage at a reduced interest rate to qualified home buyers earning up to 80% of the area median income (AMI)*. 
  • The interest rate reduction is estimated at approximately 1.5%** less than current market rates, dependent on daily market rate fluctuations. 
  • Funding for the rate buydown program is on a first-come, first-served basis, provided funding under the program remains available.  This program is temporary, and loans must close and fund by 12/31/2025.
  • Subject to FHLB Des Moines MRR Program, FHLB Traditional Loan Product guidelines and credit approval. 
  • 30-year fixed conforming conventional FHLB MPF Traditional Loan product.

 

PROGRAM QUALIFICATIONS

  • Available to home buyers earning up to 80% of area median income (AMI), determined by the Federal Housing Finance Agency’s Underserved Areas Data as per the day of the loan application*. Eligible income is based on all adult owner/occupants. All borrower income must be included. Adult owner/occupants must be on the application, the note, hold title and occupy the property.
  • Available for purchase of owner occupied 1-4 family residential property. 
  • Standard PMI requirements for LTV>80%.  Maximum LTV is 95%, dependent on property type. 

All Buyers are required to sign the Mortgage Rate Relief Income Attestation form prior to or at closing.  

This information does not constitute pre-qualification or pre-approval of any product or service offered by Farmers & Merchants Bank.  This is not a commitment to lend. Additional terms and conditions may apply. 

Please contact Farmers & Merchants Bank and speak to

Tracy Davis, Toni Van Leer, Jeff Maupin or Andrea Hayes

by calling 800-382-0049 or apply on-line at www.fmb4banking.com.

NMLS#424233

 

*Qualified residents with a household income below $82,560 can take advantage of this offer. Income may vary by county.

**Qualified applicants for the MRR program could receive an interest rate that may be approximately 1.5% below the current market rate.  This is an estimate and may change based on daily market rate fluctuations. Interest Rate and Annual Percentage Rate (APR) is accurate as of 03/03/2025.  Rates, terms, and conditions are subject to change without notice. 

APR calculations are based on a single-family primary residence purchase price of $250,000 with 20% cash down payment, or a refinance with 20% equity, a loan amount of $200,000, a loan origination fee of $595.00, qualifying credit score of at least 740, a 60-day rate lock period with a rate of 4.75% and APR of 4.818%, resulting in a monthly principal and interest payment of $1043.60 for a term of 360 months. Homeowner’s insurance, real estate taxes, flood insurance, private mortgage insurance (PMI), or homeowner association dues are not included in these payment examples and your actual monthly payment will be higher based on these items. 

The estimated origination fee or points disclosed do not represent a loan estimate disclosure and a fully disclosed loan estimate should always be received before making a loan decision.  All loan applications are subject to credit and underwriting approval.