Sterling Savings Bank Extends Special Loan Program for Homebuyers
April 17 2009 - 12:06PM
Business Wire
Sterling Savings Bank today announced it is extending its
special loan program that offers a choice between receiving a
lender contribution of up to 3 percent of the purchase price or a
3.875 percent, 30-year fixed mortgage rate on a new home. This
special pricing is available for purchases of newly-constructed
homes that are currently being financed by Sterling Savings Bank.
Qualified homebuyers now 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 program. Sterling Savings Bank and
Golf Savings Bank are both subsidiaries of Sterling Financial
Corporation (NASDAQ:STSA). The program is designed to provide
financing assistance to first-time homebuyers as well as more
experienced homebuyers on qualifying, newly-constructed
properties.
"The continuation of this successful program is a reflection of
our commitment to putting the U.S. Treasury funds Sterling received
to work in a manner that directly benefits new, qualified
homebuyers in the communities we serve,� said Greg Seibly,
president of Sterling Savings Bank. �The fixed-rate option works
for qualified conventional homebuyers, while the 3 percent
contribution is expected to appeal to qualified FHA and VA buyers
as well as conventional homebuyers who prefer this option."
Seibly pointed out that as overall mortgage interest rates have
fallen, many borrowers are attracted to the 3 percent lender
contribution. The lender contribution money can be applied to
closing costs and rate buy-downs, leaving homebuyers more cash to
pay for the costs associated with settling into a new home. With
more money in their pocket, new homebuyers can put the money right
back into their local economy with purchases ranging from
landscaping and window coverings to appliances and interior
furnishings.
�This loan program opens a door for many in our communities that
do not qualify for conventional financing; however they qualify for
FHA and VA loan programs. The flexibility of the program reaches a
broader range of consumers by making home ownership more
affordable,� said Seibly.
Details of the program
Qualified borrowers can choose between:
- A 3 percent contribution (up to
$20,000) from Sterling, or
- Fixed mortgage rates as low as
3.875 percent
This program covers home sales that meet the following
criteria:
- Applications must be taken on or
before May 20, 2009
- Loans must close by June 30,
2009
- Eligible properties are from a
selection of homes from builders financed by Sterling Savings Bank
and are located in Oregon, Washington, Idaho, Montana and
California.
To receive details regarding the terms and conditions and to
apply for this special offer, call Golf Savings Bank at
877-416-6111 or visit Golf�s website. Interested parties can also
call Sterling's Home Loan Center at 888-671-1113.
ABOUT STERLING SAVINGS BANK AND GOLF SAVINGS BANK
Sterling Financial Corporation of Spokane, Washington, is the
bank holding company for Sterling Savings Bank, a commercial bank,
and Golf Savings Bank, a savings bank focused on single-family
mortgage originations. Both banks are state chartered and federally
insured. Sterling offers banking products and services, mortgage
lending, construction financing and investment products to
individuals, small businesses, commercial organizations and
corporations. As of December 31, 2008, Sterling Financial
Corporation had assets of $12.78 billion and operated more than 175
depository branches throughout Washington, Oregon, Idaho, Montana
and California.
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