HomeStreet Bank (HMST) in Seattle will provide home loan financing and homeownership education to students, alumni and staff of Western Governors University Washington.
The $3.1-billion-asset bank said in a press release Wednesday that it will offer WGU Washington affiliated homebuyers various benefits through its Hometown Home Loan Program.
Features of the program include reduced mortgage fees, access to down payment assistance programs and free homeownership education. Homeowners save an average of $1,300 to $1,700 in closing costs and fees, depending on the loan amount, the company said.
The Hometown Home Loan Program began in 1994 through a partnership with the city of Seattle to offer affordable home financing to police and fire department employees so they could live in the neighborhoods they served. It's currently available in Washington, Oregon, Idaho and Hawaii.
HomeStreet Bank runs 33 branches in the western United States and Hawaii. WGU Washington is a state-endorsed, nonprofit all-online university.
"By partnering with an online entity, the benefits become accessible to a much broader audience," says said Mark Mason, president and chief executive officer of HomeStreet Bank. "Washington has a number of strong companies that are online only and to which we hope to offer the program."