# Federal Home Loan Bank of Des Moines

> A member-owned wholesale bank supplying secured funding, mortgage-market access and housing grants through more than 1,200 financial institutions across 13 states and three U.S. Pacific territories. It is one of the 11 Federal Home Loan Banks, with FHFA oversight and SEC reporting.

- **Founded:** 1932
- **Headquarters:** Des Moines, United States
- **Founders:** United States Congress (Established the Federal Home Loan Bank System by statute in 1932; institutional origin rather than an individual founder)
- **Products:** Advances, Mortgage Partnership Finance, Letters of Credit, Affordable Housing Program, Home$tart
- **Notable:** 2025 year-end assets: $186.5 billion; advances: $110.2 billion., 2025 net income: $881 million, compared with $914 million in 2024., 2025 competitive AHP awards: $102.4 million for 54 initiatives.

## Products & services

- **Advances** — Secured short- and long-term loans to eligible members; supports liquidity and interest-rate management.
- **Mortgage Partnership Finance** — Secondary mortgage-market access, including mortgage sales with servicing-retained options under applicable products.
- **Letters of Credit** — Payment guarantees used for public deposits and other eligible obligations, including community project bond financing.
- **Affordable Housing Program** — Competitive grants supporting construction, rehabilitation and purchase of affordable housing.
- **Home$tart** — 2026 down payment and closing cost assistance for eligible first-time buyers: $15,000, or $25,000 in Hawaii; funds subject to availability.
- **Native American Homeownership Initiative** — 2026 grants of $25,000 per eligible household for down payment and closing costs through participating member institutions.
- **Mortgage Rate Relief** — Introduced in 2024; 2026 terms offered a permanent reduction up to 1.5 percentage points for eligible purchase mortgages. The 2026 allocation was fully committed July 20.
- **Member Impact Fund** — Up to $3:$1 matching grants for eligible member donations to housing and community development organizations; available geographies and periods vary.
- **Member strategies and custody services** — Funding analysis, interest-rate risk tools, deposit accounts, safekeeping and custody services for member institutions.

## Achievements

- 2025 year-end assets: $186.5 billion; advances: $110.2 billion.
- 2025 net income: $881 million, compared with $914 million in 2024.
- 2025 competitive AHP awards: $102.4 million for 54 initiatives.
- 2025 Mortgage Rate Relief: $30 million in grants supporting $346 million of mortgages.
- Completed the FHLBank System’s first voluntary merger with Seattle in 2015.

## Latest updates

- **2026-10** — Brett Manning appointed chief business officer effective October 16; announced October 20.
- **2026-10** — Wil W. Osborn became president and CEO October 1, succeeding Kristina K. Williams.
- **2026-10** — Home$tart page reports all funds from the October 1 release fully reserved; withdrawn reservations may free funds.
- **2026-07** — July 24 preliminary Q2 release reported $251 million net income and $124.5 billion of advances at June 30.
- **2026-07** — Mortgage Rate Relief 2026 funding fully allocated at 3:30 p.m. CT July 20.
- **2026-06** — Bank announced plans to contribute more than $200 million during 2026 for housing and community development; described increased contribution as one-time.

## Links

- Website: https://www.fhlbdm.com/
- LinkedIn: https://www.linkedin.com/company/federal-home-loan-bank-of-des-moines/
- Twitter/X: https://twitter.com/fhlbdm
- Facebook: https://www.facebook.com/FHLBDM/

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Published by YesPress — https://yespress.io
Last updated: 2026-10-23