Sterling Savings Bank Offers Special Loan Program for Homebuyers
March 24 2009 - 4:00PM
Business Wire
Sterling Savings Bank today announced a program that offers
qualified borrowers a choice of 3.875 percent on a 30-year fixed
mortgage rate or a 3 percent contribution from the lender. This
special pricing is available on all newly constructed homes
currently financed by Sterling Savings Bank.
Sterling Saving Bank will partner with Golf Savings Bank to
offer this special loan pricing program beginning March 25, 2009.
Sterling Savings Bank and Golf Savings Bank are both subsidiaries
of Sterling Financial Corporation (NASDAQ:STSA).
"This new program allows us to put the funds that Sterling
received as a participant in the U.S. Department of the Treasury's
Capital Purchase Program to work in a manner that is expected to
directly benefit the customer,� said Greg Seibly, president of
Sterling Savings Bank. �By building this program 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 FHA and VA buyers as well as
those in the conventional arena."
Seibly also pointed out that this program covers a selection of
homes from some of the best builders in the most desirable areas of
Oregon, Washington, Idaho, Montana and California.
Donn Costa, executive vice president at Golf Savings Bank,
agrees. "We feel this is a great way to get the U.S. Treasury funds
into the hands of consumers in a meaningful way," he said. "This
really is a win-win program, allowing consumers the opportunity to
receive an incredible loan package, no matter which offer they
choose."
The Sterling plan gives qualified borrowers a choice of either a
3.875 percent fixed mortgage rate or a 3 percent 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 program is designed to provide financing
assistance to both first-time homebuyers and more experienced
homebuyers on qualifying, newly constructed properties. Sterling
Savings Bank will accept applications to participate in this
program from March 25 through April 15, 2009.
To receive details regarding the terms and conditions and to
apply for this special offer, call Sterling's Home Loan Center at
(888) 671-1113 or Golf Savings Bank at (800) 583-3086.
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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