US-based Sterling Savings Bank has announced that it is extending its special loan programme that offers a choice between receiving a lender contribution of up to 3% of the purchase price or a 3.875%, 30-year fixed mortgage rate on a new home.
Sterling Savings Bank said that this special pricing is available for purchases of newly constructed homes that are currently being financed by the bank. Qualified homebuyers have until May 20, 2009 to apply for this offer on loans closing by June 30, 2009.
Sterling Saving Bank is partnering 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 programme is designed to provide financing assistance to first-time homebuyers as well as more experienced homebuyers on qualifying, newly constructed properties, added Sterling Savings Bank.
Greg Seibly, president of Sterling Savings Bank, said: The continuation of this successful programme is a reflection of our commitment to putting the US Treasury funds Sterling received to work in a manner that directly benefits new, qualified homebuyers in the communities we serve. The fixed-rate option works for qualified conventional homebuyers, while the 3% contribution is expected to appeal to qualified Federal Housing Administration and Veterans Affairs buyers as well as conventional homebuyers who prefer this option.
