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.
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
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