Bremer Bank Announces $200,000 in Funding to New Homebuyers
St. Paul, MN – May 4, 2011 - There are times that paying for a down payment or funding closing costs have kept hardworking families from buying a home of their own. Bremer Bank’s Urban First-time Homebuyer Assistance is now available to help.
Bremer Bank has received a total of $200,000 in grant funds from the Federal Home Loan Bank of Des Moines Urban First-time Homebuyer Fund (UFT). This program provides an opportunity for qualified low- to moderate-income individuals and families to purchase homes by receiving funds to assist with the down payment and closing cost of the property.
By participating in UFT, Bremer will be able to distribute awards of up to $2,500 to each eligible homebuyer in the following communities: South St. Paul, Minnesota; St. Cloud, Minnesota; Fargo, North Dakota; Grand Forks, North Dakota; and Bismarck, North Dakota.
“A big thank you to FHLB Des Moines for their continued partnership with Bremer and support of first time homebuyer programs,” said Sue Elkins, community lending coordinator at Bremer. “Our goal at Bremer is to help individuals and families get into homes that they can both afford and keep. These grant funds will provide that opportunity for many members of our Bremer Bank communities."
The program has helped more than 1,800 qualified homebuyers in communities with a population of 25,000 or more become homeowners through $5.3 million in grant funds. “FHLB Des Moines is proud to once again partner with Bremer Bank to invest in the economic sustainability and vitality of the neighborhoods they serve,” said Gary Dodge, community investment director at FHLB Des Moines.
If you are interested in purchasing your first home, contact one of Bremer’s experienced mortgage lenders for details at 1-800-908-2265 or Bremer.com.
For more information about the Urban First-time Homebuyer Fund, please contact Evelyn Bengtson at 800.544.3452, ext. 1064 or visit the Bank’s website at www.fhlbdm.com.
Bremer Financial Corporation
Bremer Financial Corporation is a privately-held, $8 billion regional financial services company owned by its employees and the Otto Bremer Foundation (OBF). Founded in 1943 by Otto Bremer, the company is headquartered in St. Paul, Minnesota and provides a comprehensive range of banking, investment, trust and insurance services to its nearly 100 locations in Minnesota, North Dakota and Wisconsin. OBF uses its share of dividends to distribute charitable grants to Bremer Bank communities. For more information, go to bremer.com.
The Federal Home Loan Bank of Des Moines is a wholesale cooperative bank that provides low-cost short and long-term funding and community lending to more than 1,200 members, including commercial banks, saving institutions, credit unions and insurance companies. The Bank is wholly owned by its members and receives no taxpayer funding. The Des Moines Bank serves Iowa, Minnesota, Missouri, North Dakota and South Dakota and is one of twelve regional Banks that make up the Federal Home Loan Bank System.