KeyBank Illuminates Accessible and Affordable Pathways to Homeownership
Special Purpose Credit Programs and home buyer education take center stage this Fair Housing Month
As part of its commitment to helping clients on their individual financial journeys, KeyBank continues to offer resources and education for those seeking to achieve the dream of homeownership.
“We recognize that the homebuying process can feel daunting and we are committed to helping our clients achieve their financial goals,” said Dale Baker, President of KeyBank Home Lending. “KeyBank continues to invest in resources, programs and community partnerships to help clients understand their unique financial pictures, address the barriers to homeownership, and improve their overall financial resiliency.”
KeyBank seeks to increase the accessibility and affordability of the homebuying process at a time when a significant portion of Americans feel that homeownership is beyond their reach. According to KeyBank’s 2024 Financial Mobility Survey1, more than one-third (39%) of Americans who do not own a home and do not plan on purchasing one in the next 12 months feel that homeownership is not attainable.
KeyBank’s recently launched Special Purpose Credit Programs2 and educational initiatives include:
- The KeyBank Home Buyer Credit3 offers eligible homebuyers buying a home in an eligible community a $5,000 credit that can be used for closing costs and pre-paid fees associated with financing their new home.
- The Key Opportunities Home Equity Loan4 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.
- Similar to the Home Buyer Credit, KeyBank Neighbors First Credit5 is designed to help homebuyers in qualified areas across Key’s footprint and in Florida by providing up to $5,000 in credit to be used for closing costs and pre-paid fees that may come with financing a new home.
- Partnerships with the National Association of Hispanic Real Estate Professionals (NAHREP®) and Operation HOPE aim to advance homeownership through financial education.
- KeyBank committed more than $1 million in 2023 to homebuyer education and other community support. Starting in 2022, Key also committed to investing more than $25 million over a five-year period in grants, fee waivers, marketing and branches to increase mortgage lending in majority-minority neighborhoods.
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.
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 #240405-2536030
1The 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.
2Special 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).
3Available 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.
4Loan 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.
5Available 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.
