A 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.