KeyBank has launched its third Special Purpose Credit Program – KeyBank Neighbors First Credit – which facilitates homeownership 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 homebuyer 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.
“At KeyBank helping all residents have equal access to homeownership is a priority,” says Dale Baker, president of KeyBank Home Lending.
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. Photo by Francesca Tosolini on Unsplash.
Photo by Francesca Tosolini on Unsplash.
