Sterling Savings Bank (SSB) has launched special programs for jumbo loans and condominium financing, both markets that have been adversely affected by the nationwide mortgage slowdown. It is partnering with Golf Savings Bank (GSB) for both jumbo loans and condominium financing. Both are subsidiaries of Sterling Financial Corporation.
SSB’s condominium financing includes features such as a down payment as low as 3.5% and no mortgage insurance. Jumbo loan program features include qualified borrowers receiving a lender contribution of up to 3% of the purchase price (up to $20,000 to cover financing costs or buy down the rate) and low down payments.
Greg Seibly, president of SSB, said: These loan and pricing programs are part of Sterling’s overall strategy to provide lending programs that assist our customers and communities. The programs are consistent with the objectives of the US Department of the Treasury’s Capital Purchase Program. These special loan programs address current needs in the jumbo loan and condo financing market, which we feel are underserved markets right now. Stabilization of all segments of the housing market, including the jumbo and condo market is important. A diversified housing market is good for everyone.
