Sterling Savings Bank has introduced a loan programme that is reported to offer qualified borrowers a choice of 3.87% on a 30-year fixed mortgage rate or a 3% contribution from the lender.
Sterling Savings Bank said that the special pricing is available on all newly constructed homes currently financed by the bank.
Sterling Saving Bank will partner with Golf Savings Bank to offer this special loan pricing programme. Sterling Savings Bank and Golf Savings Bank are both subsidiaries of Sterling Financial.
The Sterling plan gives qualified borrowers a choice of either a 3.87% fixed mortgage rate or a 3% contribution up to $20,000 from Sterling that can be used to fund financing costs associated with the home purchase for home sales closing by the end of May 2009. This programme is designed to provide financing assistance to both first-time homebuyers and more experienced homebuyers on qualifying, newly constructed properties. Sterling Savings Bank said that it will accept applications to participate in this programme from March 25, 2009 through April 15, 2009.
Greg Seibly, president of Sterling Savings Bank, said: This new programme allows us to put the funds that Sterling received as a participant in the US Department of the Treasury’s capital purchase programme to work in a manner that is expected to directly benefit the customer. By building this programme together with Golf Savings Bank, we have the opportunity to provide qualified borrowers with a great loan package. By offering qualified homebuyers a choice, we are reaching Federal Housing Administration and Veterans Affairs buyers as well as those in the conventional arena.
