June 9, 2011—St. Mary’s Bank is once again demonstrating its commitment to lowering the cost of homeownership, making $2.5 million in new funding available to first-time home buyers through its HLPR (pronounced “Helper”) program.

“Our goal is to find the right financial solutions for our members and the HLPR Program is a significant asset in achieving our goals for homeownership,” said Karen Mayrand, St. Mary’s Bank Director of Residential Lending. “HLPR minimizes the down payment, eliminates the private mortgage insurance payment putting homeownership within reach for many families, plus keeps monthly payments manageable for the long term. What you see is what you get with this program – no gimmicks, no hidden fees. We just want to help more people get into homes and enjoy all the benefits that come with owning a home.”

HLPR ARMS Start Low, Stay Low
The HLPR program features a choice of adjustable rate mortgages (ARMs) with below-market interest rates, including a 3/1 ARM priced at one percent below the national average rate for the initial period and 5/1 and 7/1 ARMS priced one half of one percent below St. Mary’s Bank’s published standard rates for the initial term. Rate caps of one percent per year and five percent for life of loan help keep the monthly mortgage payments low.

More HLPR highlights include: ·

• Low down payment of three percent. ·
• Closing cost credit of up to $1,000. ·
• No private mortgage insurance (PMI) requirement.

Borrowers making 100 percent or less of the area’s median income may be eligible for the HLPR program, and there is a home buyer education requirement. Qualified properties include single family, owner occupied residential homes.

For a limited time, qualified St. Mary’s Bank HLPR borrowers may also be eligible for a grant of up to $10,000 through the Federal Home Loan Bank’s Equity Builder (EB) program. Households earning no more than 80% of the HUD area median income may qualify, and the grant would be used in combination with a HLPR loan. EB grants can be used for down payment assistance, customary closing costs and eligible prepaid items, home buyer counseling costs not covered by another funding source.

The St. Mary’s Bank HLPR program was established in 2008 in response to high housing costs in the area, which have made it difficult for first-time buyers to enter the market. Complete details for both the HLPR and down payment assistance programs are available online at www.stmarysbank.com.