Milestone illustrates KeyBank's
commitment to reducing barriers to homeownership for all
CLEVELAND, Aug. 30,
2023 /PRNewswire/ -- Today, KeyBank announced that it
has funded more than $1 million in
KeyBank Home Buyer CreditsSM since the program's
launch in September 2022, helping 245
clients achieve their dream of homeownership in areas where the
program is available.
This milestone comes just under one year after the launch of the
program and 8 months after KeyBank increased this Special Purpose
Credit Program1 by $2,500 to provide $5,000, toward closing costs and other pre-paid
fees that may come with financing a new home, to homebuyers for the
purchase of eligible properties. Additional costs include mortgage,
flood and hazard insurance, escrow deposit, real estate taxes, and
per diem interest for eligible properties.
"A home is one of the most meaningful purchases a person or
family can make. At Key, we believe that healthy communities are
those where all residents have access to homeownership," said
Dale Baker, president of Home
Lending at KeyBank. "We aim to help our communities thrive by not
only bringing awareness to affordable lending products, programs,
and services, but also providing educational support and direct
investment."
Recently, KeyBank's Fair Housing Month Poll found that nearly
one-third (31%) of respondents said they did not seek out any
information or resources on home buyer assistance programs, which
can help reduce barriers to homeownership. KeyBank has worked
to bridge that gap through its Special Purpose Credit Programs, a
continued commitment to helping all potential homebuyers make their
dream of owning a home a reality. In addition to the Home Buyer
Credit, the following programs are available for qualifying
properties in eligible communities:
- The Key Opportunities Home Equity Loan provides
affordable terms for borrowers with qualifying properties to
refinance their primary residence to a lower interest rate,
consolidate debt, finance home improvements, or tap into their
equity when needed. This loan features a fixed rate, with no
origination fee, and a first or second lien option for loans up to
$100,000. Since the program began on
March 1, 2023, through August 28, 2023, KeyBank funded $4.7 million in loans, helping 92 clients secure
loans for their primary home in designated communities.
- The KeyBank Neighbors First Credit is designed to help
homebuyers in qualified areas across Key's footprint and in
Florida by providing up to
$5,000 in credit to be used for
closing costs and to pre-paid fees that may come with financing a
new home, including mortgage, flood and hazard insurance, escrow
deposit, real estate taxes and per diem interest. From July 1, 2023 through August 28, 2023, KeyBank funded approximately
$60,000 in Neighbors First credits,
helping 12 clients achieve their dream of homeownership in the
qualifying areas where the program is available. Also, as of
August 25, 2023, KeyBank has
$10.8 million in mortgage loan
applications for approximately $345,000 in Neighbors First Credits to assist 71
clients (inclusive of the funded credits shared above) on their
path to homeownership in these locations.
With both the Neighbors First Credit and KeyBank Home Buyer
Credit in place, Key has purchase credits available in over 9,500
census tracts, covering areas where 10% of the U.S population
lives. KeyBank 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.
Learn more about KeyBank's home lending opportunities and
programs, determine whether a property qualifies for Special
Purpose Credit Programs, or get started on the journey to
homeownership by visiting key.com/communitylending. For details on
the current state of local markets and to answer any questions you
may have, including whether a property qualifies for Key's Special
Purpose Credit Programs, KeyBank Mortgage Loan Officers are
available to help.
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).
KeyBank's home lending opportunities and programs are subject
to change or may be discontinued without
notice.
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 $195
billion at June 30, 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. Equal
Housing Lender. Mortgage and Home Equity Lending products offered
by KeyBank are not FDIC insured or guaranteed. NMLS #399797
Copyright © 2023 KeyCorp®. All Rights Reserved CFMA
#230830-2225178
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