Manchester, NH— March 31, 2008—St. Mary’s Bank is pleased to introduce a new mortgage program aimed at making homeownership more affordable for first-time buyers. The St. Mary’s Bank Home Loan Payment Relief (HLPR) mortgage program makes it easier for borrowers to buy and stay in their homes by reducing both monthly payments and the down payment requirement. The program was developed in response to high housing costs in the area, which have made it difficult for first-time buyers to enter the market.

The St. Mary’s Bank HLPR program is based on a 3/1 adjustable rate mortgage (ARM) that offers ongoing affordability and security, not a surprise rise in monthly payments. “Our goal is to help borrowers to qualify for a home and then maintain homeownership with monthly payments they can manage in the long-term,” said Ronald Rioux, president and chief executive officer of St. Mary’s Bank. “As a credit union, we only have the best interests of our members in mind with this program.”

Households making 100 percent or less of the area’s median income are eligible for the HLPR program. The maximum down payment required by St. Mary’s Bank is three percent (3%) and there is no private mortgage insurance (PMI) requirement. In addition, qualified borrowers will also enjoy a closing cost credit up to $1,000 to help offset closing costs. To help borrowers qualify, interest rates start a full percent below the national average. Under the terms of the HLPR program, that rate is locked in for the first three years, with the rate adjusting every year thereafter.

To ease payment increases, interest rate adjustments are capped at one percent (1%) per rate adjustment and five percent (5%) over the life of the loan. In addition, St. Mary’s Bank’s HLPR program has no pre-payment penalties, so borrowers can refinance into any other program they can qualify for, any time they wish.

In offering the HLPR program, St. Mary’s Bank embraces the credit union philosophy of putting members and the community first. From advising borrowers on how much they can afford to recommending the right Realtor, St. Mary’s Bank takes a holistic approach toward helping home buyers.