Recent Fair Housing Month poll found one in
three surveyed homebuyers unaware of affordable home
lending offerings
CLEVELAND, July 6, 2023
/PRNewswire/ -- Today, KeyBank (NYSE: KEY) announced the
launch of its third Special Purpose Credit Program1 –
KeyBank Neighbors First CreditSM – which can help make
the dream of home ownership a reality by providing up to
$5,000 to homebuyers for the purchase
of eligible properties.
A recent Fair Housing Month poll from KeyBank found that
nearly 31% of respondents did not seek out any information or
resources on home buyer assistance programs. This may be because
many homebuyers, particularly those with lower incomes, could be
unaware of the existence of these offerings and the important role
banks can play in providing access to them. While the Fair Housing
Act of 1968 set a precedent to make the sale, rental, and home
financing process nondiscriminatory, borrowers in underserved
communities are often at a disadvantage when it comes to awareness
of tools, resources, and affordable offerings available to help
them achieve home ownership.
The KeyBank Neighbors First Credit is designed to help
homebuyers in underserved communities by providing credits up to
$5,000 to be used for closing costs
and to prepay costs that may come with a new home. This includes
mortgage, flood and hazard insurance, escrow deposit, real estate
taxes and per diem interest.
To qualify, a client must:
- Finance the purchase of an owner-occupied home through a
residential mortgage with KeyBank; and
- The home must be located in an eligible community located
in KeyBank's retail footprint and Florida. Contact a local KeyBank
branch or Mortgage Loan
Officer for details.
"The Neighbors First Credit is the latest in a series of steps
we are taking to help the communities, in which we live and work,
thrive," said Dale Baker, President
of KeyBank Home Lending. "At KeyBank helping all residents have
equal access to homeownership is a priority. To do our part,
KeyBank is reducing the barriers of homeownership through
responsible lending products and services, educational support, and
direct investment into the diverse communities we serve."
The Neighbors First Credit is available in over 2,820 census
tracts across Key's 15 state footprint plus Florida potentially serving more than 10.5
million people who live there on their path to home ownership.
Learn more about the Neighbors First Credit here.
The launch of the Neighbors First Credit follows Key's recent
Fair Housing month announcement introducing the Key
Opportunities Home Equity Loan and the expansion of
the KeyBank Home Buyer Credit® to up to
$5,000 in value the for qualifying
properties in eligible communities. With both the Neighbors First
Credit and KeyBank Home Buyer Credit in place, Key will have
purchase credits available in over 9,500 census tracts, covering
areas where 10 percent of the U.S population lives.
- Since the KeyBank Home Buyer Credit program
began on Sept. 1, 2022. Through
June 30, 2023, KeyBank has funded
approximately $823,000 in Home Buyer
credits, helping 205 clients achieve their dream of homeownership
in the qualifying areas where the program is available. Also, as of
June 30, 2023, KeyBank has
$224 million in mortgage loan
applications for approximately $1.4
million in Home Buyer Credits, to assist 361 clients
(inclusive of the funded credits shared above) on their path to
homeownership in these locations.
- Since the Key Opportunities Home Equity Loan began
on March 1, 2023, through
June 30, 2023, KeyBank funded
$3.7 million in loans, helping 69
clients secure loans for their primary home in designated
communities.
As shared previously, Key has also committed to investing more
than $25 million in grants, fee
waivers, and marketing over five years to increase mortgage lending
in majority-minority neighborhoods, as well as more than
$1 million to homebuyer education and
other community support.
1 Special Purpose Credit Programs are, generally,
programs that are established to meet special social needs or the
needs of economically disadvantaged persons by extending credit to
persons who would probably be denied credit or would receive it on
less favorable terms, under certain conditions. See 15 U.S.C. §
1691(c)(1)-(3); 12 C.F.R. § 1002.8(a).
NOTICE: This is not a commitment to lend or extend credit.
Conditions and restrictions may apply. Information and offers are
subject to change without notice. All loans are subject to credit
and collateral approval. Not all loans or products are available in
all states. Mortgage and Home Lending products offered by KeyBank
are not FDIC insured or guaranteed.
About KeyCorp
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $198 billion
at March 31, 2023. Key provides deposit, lending, cash
management, and investment services to individuals and businesses
in 15 states under the name KeyBank National Association through a
network of approximately 1,000 branches and approximately 1,300
ATMs. Key also provides a broad range of sophisticated corporate
and investment banking products, such as merger and acquisition
advice, public and private debt and equity, syndications and
derivatives to middle market companies in selected industries
throughout the United States under
the KeyBanc Capital Markets trade name. For more information,
visit https://www.key.com/. KeyBank is Member FDIC.
Mortgage and Home Equity Lending products offered by KeyBank are
not FDIC insured or guaranteed. NMLS #399797
Copyright © 2023 KeyCorp®. All Rights Reserved CFMA
#230630-2148678
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