Funding milestone illustrates KeyBank’s commitment to making homeownership affordable and sustainable for all
CLEVELAND, July 1, 2024 /PRNewswire/ — Today, KeyBank announced that it has funded more than $2 million in KeyBank Home Buyer CreditsSMi, helping 442 clients achieve their dream of homeownership in areas where the program is available. This milestone is the latest KeyBank has achieved since launching this program in September 2022.
The KeyBank Home Buyer Credit is a Special Purpose Credit Program that provides $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.
“In this competitive and challenging homebuying environment, we are excited to continue working to reduce the barriers of homeownership and help more clients achieve their dreams while building wealth,” said Dale Baker, president of Home Lending at KeyBank. “Through responsible lending products and services, educational support, and direct investment into the diverse communities we serve, we are committed to helping clients at every stage of homebuying and homeownership.”
KeyBank’s 2024 Financial Mobility Survey found increasingly rising costs have made many Americans come to the realization that owning a home may not be feasible. Of those people (20%) who are not currently in the market to purchase a home and haven’t purchased one in the past year, 69% believe the dream of owning a home is not very attainable.
The KeyBank Home Buyer Credit is one of three special purpose credit programsii (SPCPs) from KeyBank. The KeyBank Neighbors First Creditiii, provides up to $5,000 in credits toward closing costs and other pre-paid fees that may come with financing a new home to homebuyers for the purchase of eligible properties in eligible communities. The Neighbors First Credit launched in July 2023. Through this program, Key has funded more than $845,000 in credits, helping 169 clients.
In addition, the Key Opportunities Home Equity Loaniv 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 June 26, 2024, KeyBank funded $11.7 million in loans, helping 233 clients secure loans for their primary home in designated communities.
“The KeyBank Home Buyer Credit, and all of our special purpose credit programs, are helping our clients achieve something many think is unattainable, providing them with a safe, comfortable home that doubles as a wealth building tool,” said Rachael Sampson, head of community banking for KeyBank’s consumer bank. “This latest milestone reflects our enduring commitment to helping make homeownership achievable and sustainable for our clients.”
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.
ABOUT KEYCORP
KeyCorp’s (NYSE: KEY) roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $187 billion at March 31, 2024. 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 1,200 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 Member FDIC.
NMLS #399797. Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed. KeyBank extends credit secured by residential real estate without regard to race, color, religion, national origin, sex, handicap, or familial status. All credit products are subject to collateral and/or credit approval, terms, conditions, availability and are subject to change.
CMFA #240628-2668030
i Available 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.
ii Special Purpose Credit Programs (“SPCPs”) 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).
iii Available 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.
iv Loan 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.
To apply for a home equity loan, you must:
Be 18 years of age or older
Live within the following states: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA
Agree to provide additional personal and business information, if requested, such as tax returns and financial statements
Certify that all information submitted in the application is true and correct
Authorize the bank and or a credit bureau to investigate the information on the application
SOURCE KeyBank
