Employers in the Spokane, Wash., metropolitan area will now have access to the Hometown Home Loan Program, an employer-assisted housing benefit offered through Seattle-based HomeStreet Bank.
According to HomeStreet Bank, the loan program was created in 1994 to help the Seattle municipal government make homeownership more affordable for its employees. Currently, over 50 public and private companies and organizations and several labor unions in Washington, Oregon and Hawaii offer the program.
Program benefits include free homeownership education, significant savings on purchases and refinances, and access to down payment assistance. The bank says that through the Hometown Home Loan Program, the average person can save between $1,300 and $1,700 in closing costs and fees, depending on the loan amount.