In the news: Federal Bailout Money Being Put To Use

This is a great opportunity to get into a new home with a low monthly payment at these rates!

clipped from www.spokesman.com Heating up the home market Sterling Savings Bank and Banner Bank are offering mortgages at interest rates below 4 percent in a pair of programs designed to help their contractor customers move unoccupied homes – and show that the banks are putting federal bailout money to work in Northwest communities. He said customers have the option of taking a 30-year mortgage at 3.875 percent, or a 3 percent lender contribution – up to $20,000. Buyers can use the lender contributions for closing and other related costs. They must buy a home built by a Sterling-financed contractor, and the deal must close by May 31, Costa said, although an extension is possible in markets where not enough homes sell. As of Dec. 31, Sterling had $1.5 billion in contractor loans on its books, he said. The rate is also so good that the homes available will be less expensive than building the equivalent new, Costa said.