Special Purpose Credit Programs Help 712 KeyBank Clients on Their Path to Homeownership

Rhea-AI Summary

KeyBank's Special Purpose Credit Programs have helped 712 clients on their path to homeownership by funding $10.2 million in home equity loans and $2.3 million in credits. The programs aim to improve accessibility and affordability in homebuying, particularly in underserved communities.

KeyBank offers several Special Purpose Credit Programs¹ to improve accessibility and affordability in homebuying, particularly in historically underserved and economically disadvantaged communities

NORTHAMPTON, MA / ACCESSWIRE / April 15, 2024 / For many Americans, homeownership is not just an aspiration, but a major step toward establishing long-term financial stability. Amid fluctuating economic conditions and a competitive housing market, a number of resources and programs exist to help consumers achieve the goal of owning a home. But while 88% of recent or prospective homebuyers have a mortgage loan officer, less than a quarter (19%) have discussed affordable homebuying programs, grants, and credits with them, according to KeyBank's 2024 Financial Mobility Survey².

KeyBank offers several Special Purpose Credit Programs³ to improve accessibility and affordability in homebuying, particularly in historically underserved and economically disadvantaged communities. Through April 9, 2024, these Special Purpose Credit Programs have funded $10.2 million in home equity loans and $2.3 million in $5,000 credits to help 712 clients on their journey of homeownership in qualifying areas where the programs are available, including:

• The KeyBank Home Buyer Credit⁴: KeyBank funded approximately $1.7 million in Home Buyer Credits, helping 386 clients achieve their dream of homeownership in the qualifying areas where the program is available. Also, as of April 9, 2024, KeyBank has $324.3 million in mortgage loan applications for approximately $2.8 million in Home Buyer Credits to assist 652 clients (inclusive of the funded credits shared above) on their path to homeownership in these locations.
• The Key Opportunities Home Equity Loan⁵: Since the program launched in March 2023, KeyBank has surpassed the milestone of $10 million in loan funding, helping 204 clients secure loans for their primary home in designated communities.
• The KeyBank Neighbors First Credit⁶: From the launch of the program in July 2023, through April 9, 2024, KeyBank funded approximately $610,000 in Neighbors First credits, helping 122 clients achieve their dream of homeownership in the qualifying areas where the program is available. Also, as of April 9, 2024, KeyBank has $37.5 million in mortgage loan applications for approximately $1.1 million in Neighbors First Credits to assist 229 clients (inclusive of the funded credits shared above) on their path to homeownership in these locations.

Across all three Special Purpose Credit Programs, Key has purchase credits available in more than 9,500 census tracts, covering areas where more than 10% of the U.S. population lives.

"At KeyBank, we believe in turning aspirations into achievable milestones," said Rachael Sampson, Head of Community Banking, KeyBank. "Our continued investments in homebuying resources and education for clients in minority and low- and moderate-income communities reflect our dedication to fostering financial empowerment and making homeownership attainable for all."

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.

NMLS# 399797. KeyBank Member FDIC. Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed.

NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all states. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice. CFMA #240405-2536034

¹Special 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).

²The KeyBank 2024 Financial Mobility Survey was conducted online by Schmidt Market Research. 1,000 Americans, ages 18-70, with sole or shared responsibility for household financial decisions, who own a checking or savings account, completed the survey in September 2023. The survey asked respondents about their financial attitudes, understanding, awareness and actions over the prior year.

³Special 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).

⁴Available on primary residence first lien purchases only. Property must be located in an eligible community as determined by KeyBank. Eligible Communities are subject to change without notice. Additional terms or restrictions may apply. Ask us for details.

⁵Loan features reduced interest rate and no origination fees. Available on existing primary residence and loans up to $100,000. First or second lien only. Loan must close in a branch. Property must be located in an eligible community in KeyBank's retail footprint. Additional terms or restrictions may apply. Ask us for details.

⁶Available on primary residence first lien purchases only. Property must be located in an eligible community in KeyBank's retail footprint or Florida. Eligible communities are determined by KeyBank and subject to change without notice. Additional terms or restrictions may apply. Ask us for details.

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Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

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FAQ

How many clients have KeyBank's Special Purpose Credit Programs helped?

KeyBank's Special Purpose Credit Programs have helped 712 clients.

How much funding have the programs provided in home equity loans?

The programs have funded $10.2 million in home equity loans.

What is the total amount of credits provided by KeyBank?

KeyBank has provided $2.3 million in credits.

What is the KeyBank Home Buyer Credit?

The KeyBank Home Buyer Credit has funded approximately $1.7 million to help 386 clients achieve homeownership.

What is the Key Opportunities Home Equity Loan?

KeyBank has surpassed $10 million in loan funding to help 204 clients secure loans for their primary home.

What is the KeyBank Neighbors First Credit?

KeyBank has funded approximately $610,000 in Neighbors First credits to help 122 clients achieve homeownership.

How many census tracts do KeyBank's purchase credits cover?

KeyBank's purchase credits are available in more than 9,500 census tracts.

Who is the Head of Community Banking at KeyBank?

Rachael Sampson is the Head of Community Banking at KeyBank.