MEDFORD, Ore. – Bank of the Cascades has a new home lending program designed to help Southern Oregonians who have lost their homes or filed for bankruptcy due to the economic crisis in recent years.
The bank’s New Beginnings Home Lending Program provides home loans for qualified borrowers who credit has been damaged. Applicants must have experienced job loss, a 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, all between January 1, 2007 and December 31, 2012.
The aforementioned events must have resulted in foreclosure, bankruptcy, deed in lieu of foreclosure or a short sale that impacted the applicant’s credit.
The 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. For more information on the program, contact Heather England at 541-608-8999.