“Two” Good: Minnesota Teacher Taps Two Programs to Buy First Home

Last Updated on September 19, 2025

First State Bank and Trust and FHLB Des Moines Partner to Help First-Time Homebuyer.

For more than 100 years, First State Bank and Trust has shown a passion for helping their clients achieve more. Headquartered in Bayport, Minn. with locations in surrounding communities in the St. Croix Valley, First State Bank and Trust has partnered with the Federal Home Loan Bank of Des Moines to offer Mortgage Rate Relief to help 14 households. One of those is first-time homebuyer Lainey H., who also utilized the FHLB Des Moines Home$tart® program.

FHLB Des Moines launched Mortgage Rate Relief in 2024 to lower mortgage interest rates, making homeownership more affordable. 

The Mortgage Rate Relief Product enables eligible borrowers to receive an approximate 1.5% reduction on their mortgage rate — a game-changer for both monthly affordability and long-term cost. 

Home$tart provides qualifying first-time homebuyers with a $15,000 grant for down payment and closing cost assistance.

Using the two programs, Lainey, a teacher in the Saint Paul School District, was able to buy a home within her budget and closer to her school. Lainey had the ability to put more money down, qualify for a better interest rate and lower her monthly payments by nearly $300 per month. With the extra financial flexibility from the Home$tart grant, she was able to furnish her move-in ready home already featuring a beautiful backyard, upgraded appliances and extra living space.

“I’m incredibly grateful to have received the funds from the Home$tart and Mortgage Rate Relief programs,” said Lainey. “Thank you so much to First State Bank and Trust for your help in buying my dream home possible!” 

"Seeing the excitement and joy on Lainey's face when she purchased her first home using the Mortgage Rate Relief program was a career highlight moment!” said Samantha Rose, Vice President – Mortgage Director at First State Bank and Trust.

First State Bank and Trust, founded in 1914, offers full-service banking, trust, mortgage and insurance services at three branches in the St. Croix Valley including Bayport, Oak Park Heights, Minn. and Hudson, Wis. The bank also offers limited service at two senior living facilities in the area. The Trust Department is one of the largest community bank trust departments in the Midwest with assets exceeding $6 billion.

Equal Housing Lender / Member FDIC.