KeyBank has debuted its Fair Housing Month poll, finding that nearly one-third (31%) of respondents did not seek out any information or resources on homebuyer assistance programs. The bank suggests 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.
“When it comes to buying a home, there are many factors to consider – the largest being, can I afford it, and will I get a fair chance,” says Victor Alexander, head of Key’s consumer banking operations. “Both new and experienced homebuyers are understandably anxious about the state of the market, may feel overwhelmed by the homebuying process and may not be aware of all their bank can do to assist them.”
Additional findings from the poll, which surveyed 1,000 homeowners in households earning less than $75,000 annually regarding their home buying and lending experiences, include the following:
- Less than half (47%) of homeowners surveyed who purchased their homes in the past five years felt confident they received a fair market value price, pointing to a gap between the factors that are important to those homeowners and the reality of their homebuying experiences.
- Nearly one-third (30%) of homeowners surveyed are unsure whether they had an unfair experience when buying a home or are certain they had an unfair experience. This means that, among other things, some homeowners are left questioning whether they paid too much for their home.
- More than one-third of homeowners surveyed listed location (38%) and home price (37%) as their top financial factors when deciding to purchase their homes in the past five years. The desire to be close to friends, family, and communities continues to be one of the strongest factors when deciding to purchase a home.
For its part, KeyBank is expanding its Special Purpose Credit Programs for qualifying properties in eligible communities, introducing the Key Opportunities Home Equity Loan and expanding the KeyBank Home Buyer Credit to up to $5,000 in value.