KeyBank Helps Prepare Buyers for the Home Lending Process

Rhea-AI Summary

KeyBank addresses homebuyer concerns during Fair Housing Month, emphasizing the importance of accessible bank offerings in the home lending process. A recent KeyBank poll revealed that 31% of homeowners earning under $75,000 did not seek information about homebuyer assistance programs, indicating a significant gap in awareness. To combat this, KeyBank introduces Special Purpose Credit Programs, including the Key Opportunities Home Equity Loan and an expanded Home Buyer Credit, which offers up to $5,000 for closing costs. KeyBank aims to facilitate homeownership, ensuring equal access for all individuals.

Positive

• Introduced Special Purpose Credit Programs to aid homebuyers.
• Expanded Home Buyer Credit offering up to $5,000 for closing costs.

Negative

• 31% of lower-income homeowners unaware of homebuyer assistance programs.

NORTHAMPTON, MA / ACCESSWIRE / April 17, 2023 / KeyBank

Whether a first-time buyer or experienced homeowner, many potential homebuyers are anxious about the home lending process- and understandably so. Over the past five years, homebuyers have experienced a turbulent economy, inflation, extreme competitiveness, and uncertainty, making it difficult for many to take the next step from renting to owning. With the chaos and confusion that can come with the purchasing process, buyers might overlook financial opportunities and be unaware of all a bank can do to assist in the homebuying journey. This Fair Housing Month, KeyBank wants to shed light on the importance of bank offerings that make the home lending and buying process more affordable.

According to a KeyBank poll of 1,000 homeowners in households earning less than $75,000 annually, nearly one third (31%) of respondents did not seek out any information or resources on homebuyer assistance programs. This highlights that many individuals, particularly those with lower incomes, could be unaware of the existence of affordable housing offers that could help them access and navigate the home lending process. It also highlights the important role banks can play in helping those individuals and providing those offers to them.

KeyBank is committed to helping our clients achieve their dream of home ownership while making the home lending process easier and more equitable. To further do our part, KeyBank offers Special Purpose Credit Programs* for qualifying properties in eligible communities, such as the new Key Opportunities Home Equity Loan and the expanded Home Buyer Credit, which now offers up to $5,000 for closing costs and certain other costs that may come with financing a new home.

Healthy and thriving communities are those within which all residents have equal access to homeownership, and KeyBank is honored to be a partner to homebuyers in their journey to homeownership.

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 $200 billion at December 31, 2022. 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. For the KeyBank Home Buyer Credit and the Key Opportunities Home Equity Loan, geographic restrictions apply. Ask us for details.
NMLS #399797 CFMA #230411-2015936

**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).

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SOURCE: KeyBank

View source version on accesswire.com:
https://www.accesswire.com/749513/KeyBank-Helps-Prepare-Buyers-for-the-Home-Lending-Process

FAQ

What initiatives is KeyBank introducing for homebuyers in 2023?

KeyBank is introducing Special Purpose Credit Programs, including the Key Opportunities Home Equity Loan and an expanded Home Buyer Credit offering up to $5,000 for closing costs.

What percentage of lower-income homeowners are unaware of homebuyer assistance?

According to a KeyBank poll, 31% of homeowners earning less than $75,000 annually did not seek information on homebuyer assistance programs.

How does KeyBank aim to improve the home lending process?

KeyBank aims to make the home lending process easier and more equitable by providing accessible resources and financial opportunities for homebuyers.

What is the significance of Fair Housing Month for KeyBank?

Fair Housing Month highlights the importance of equitable access to homeownership, and KeyBank is committed to promoting awareness of its homebuyer assistance offerings during this time.

Where can I find more information about KeyBank's home lending programs?

More information about KeyBank's home lending programs can be found on their official website at https://www.key.com.