Virginia banks found the key to getting homebuyers back into the market and helping out the builders they lent money to.
In May, First Market Bank began offering mortgages of 3.99 percent to people buying homes or lots from builders who have loans from the bank. The average rate for a 30-year fixed-rate mortgage in the area is about 5.2 percent.
The bank has issued $10 million worth of mortgages under the program, and more than 30 houses have been sold.
“It is the true definition of a win-win.”