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Bank Offers Loans Below 4%

  • March 17th 2009

by Mark Wellborn

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Bank Offers Loans Below 4%: Figure 1
By woodleywonderworks

That headline is not an early April Fool’s joke. Banner Bank is hoping to jump start sales for builders in the Pacific Northwest by offering mortgages to new homebuyers at less than 4 percent, according to Inman.

The bank started offering the low rates through an Oregon subsidiary in early March, and plans to extend the program in April to Seattle, Spokane and Boise, Idaho.

Here are the specifics. The program is called the Great Northwest Home Rush, and eligible borrowers (those with good credit and 20 percent down payments) can qualify for 30-year fixed-rate loans with a “note rate” of 3.875 percent.

So, what’s the catch? From Inman:

“Loans are available only for properties purchased from a list of several hundred homes and lots developed by about 75 builders who have millions in outstanding loans with Banner. The list includes homes and lots in Redmond and Vancouver, Wash., and several cities in Oregon including Beaverton, Bend and Portland.”

What are the lowest rates you’ve seen advertised in the DC area? Let us know in the comments section.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/bank_offers_loans_below_4/673.

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