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MailTribune.com
  • Local business

  • Bank of the Cascades has launched a new home loan program for people whose credit was damaged during the recession.
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  • Bank of the Cascades has launched a new home loan program for people whose credit was damaged during the recession.
    Applicants for the New Beginnings Home Loan must have lost jobs, experienced income loss, 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. Such events also must have resulted in foreclosure, bankruptcy, deed in lieu of foreclosure or a short sale that affected the applicant's credit.
    Bank of the Cascades noted that federal loan underwriting requirements exclude borrowers who have experienced foreclosure, bankruptcy, short sale or deed in lieu of foreclosure from re-entering the home purchase market for two to seven years.
    A New Beginnings loan can total up to $417,000 and is based on adjustable interest rates. The loans will apply only to single family, owner-occupied residences. Second homes, multifamily homes, prefabricated or modular homes or investment properties will not be eligible for financing through this program.
    For information about the program, contact Heather England at 541-608-8999.
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