Bank of the Cascades has announced a home loan program designed to help Treasure Valley customers repair their credit.
The program is called New Beginnings Home Lending Program. It expands loan eligibility to customers who lost their home or filed for bankruptcy because of job loss, medical expenses or other circumstances between Jan. 1, 2007 and Dec. 31, 2012.
"A serious medical illness or loss of a job can be devastating to a person's credit," President and CEO Terry Zink said in a prepared statement."Our goal is to help them repair their credit, rebuild their assets and take advantage of the record-low interest rates that are available right now."
New Beginnings loans can total up to $417,000 and are based on adjustable interest rates. The loans apply only to single-family, owner-occupied residences. Second homes, multi-family homes, prefabricated or modular homes or investment properties are not eligible.