New Loan Program for Central Oregon Home Buyers

New Loan Program availableA new loan program recently announced by Bank of the Cascades was developed to address the needs of Central Oregon residents who have lost their homes or filed for bankruptcy as a result of job loss, medical expenses or other related circumstances.  The goal of  the “New Beginnings Home Lending Program”: providing home loans to qualified borrowers whose credit has been damaged as a result of the recent economic crisis.

To be eligible for a New Beginnings Home Loan, applicants must have experienced foreclosure, bankruptcy, deed in lieu of foreclose or a short sale that negatively impacted their credit, as a result of job loss, loss of income, underemployment after job loss, reduction of wages or hours, a medical or health-related event or the death of a primary wage earner between Jan. 1, 2007 and Dec. 31, 2012.

Terry Zink, president and CEO for Bank of the Cascades, says the program was created to provide a second chance for Central Oregonians. According to Zink, local residents should be the first to benefit from the bank’s recent return to profitability.

A New Beginnings loan can total up to $417,000 and is based on adjustable interest rates. The loans will only apply to single family, owner-occupied residences. Second homes, multi-family homes, prefabricated or modular homes and investment properties aren’t eligible for financing through this program.

For more information,  call 541- 385-9933.

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