Bank Resources Can Make the Difference for Homebuyers in Underserved Communities
KeyBank seeks to bridge awareness gaps and improve access to affordable homeownership options
A home is one of the largest and most meaningful purchases a person can make; yet homebuyers are often overwhelmed by the process. Access to information, resources and education that ease the process is crucial, especially for families and individuals in underserved communities, who may face barriers to homeownership. This Fair Housing Month, KeyBank is highlighting the various tools, programs and expertise that can empower borrowers on their unique journeys to affordable homeownership.
Whether driven by the desire to be near loved ones or the pursuit of greener pastures, the choice of where to live can have profound impacts on quality of life and economic opportunity. A recent KeyBank poll of 1,000 homeowners in households earning less than $75,000 annually found that location (38%) was the top financial factor when deciding to purchase their homes in the past five years, surpassing home price (37%). Yet less than half (47%) of respondents 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.
Everyone’s circumstances and goals differ. Lenders can provide critical support and guidance for borrowers throughout the homebuying process, such as recommending the loan options that best fit an individual’s needs or identifying affordable homeownership programs for which they may qualify. For example, a required down payment for a mortgage could be 5% to 20% of the loan amount, but certain programs, like FHA loans or Key Community Mortgage® are examples of loan options specifically designed for those who may benefit from a lower down payment.
In an effort to help all potential homebuyers make their dream of owning a home a reality, KeyBank is offering Special Purpose Credit Programs* for qualifying properties in eligible communities—including the new Key Opportunities Home Equity Loan and the expanded Home Buyer Credit, which now offers closing costs credits up to $5,000 in value.
When it comes to major life milestones like purchasing a home, knowledge is power. Visit the KeyBank Fair Housing Month site for more information, and learn more about KeyBank’s home lending opportunities and programs, as well as access a variety of online tools by visiting KeyBank’s Mortgage Center, to estimate homebuying costs, identify key financial goals, and set and manage both expectations and budgets.
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 $198 billion at March 31, 2023. 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, the Key Opportunities Home Equity Loan, and Key Community Mortgage®, geographic restrictions apply. Ask us for details.
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**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).
