KeyBank Surpasses $10 Million in Funded Loans Through Key Opportunities Home Equity Loan Program
Funding milestone illustrates KeyBank's commitment to making homeownership affordable and sustainable for all
CLEVELAND, March 25, 2024 /3BL/ - Today, KeyBank announced that it has funded more than $10 million in loans through its Key Opportunities Home Equity Loan[i] program. Launched on March 1, 2023, the program 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. It features a fixed rate, with no origination fee, and a first or second lien option for loans up to $100,000.
Across KeyBank’s footprint, the Key Opportunities Home Equity Loan program has helped more than 200 clients secure loans for their primary home in designated communities.
"This milestone involving the Key Opportunities Home Equity Loan Program reflects KeyBank’s steadfast and holistic commitment to helping clients at every stage of homebuying and homeownership,” said Dale Baker, president of Home Lending at KeyBank. “We are excited to continue to work to reduce the barriers of homeownership through responsible lending products and services, educational support, and direct investment into the diverse communities we serve.”
Key Opportunities is one of three special purpose credit programs[ii] (SPCPs) from KeyBank. Two others, the KeyBank Home Buyer Credit[iii] and KeyBank Neighbors First Credit[iv], provide up to $5,000[v] 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. Since its launch in September 2022, KeyBank has funded more than $1.6 million in KeyBank Home Buyer Credits, helping 376 clients achieve their dream of homeownership in areas where the program is available. The Neighbors First Credit launched in July 2023. Through that program, Key has funded more than $555,000 in credits, helping 111 clients.
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.
KeyBank is working to make home ownership more attainable through its Special Purpose Credit Programs, a continued commitment to helping all potential homebuyers make their dream of owning a home a reality. Starting in 2022, KeyBank also committed to investing more than $25 million in grants, fee waivers, and marketing over five years to increase mortgage lending in majority-minority neighborhoods, as well as more than $1 million to homebuyer education and other community support.
“Sustainable homeownership is a wealth building tool that can help families and neighborhoods grow and thrive,” said Rachael Sampson, head of community banking for KeyBank’s consumer bank. “While our work is not done, this $10 million milestone with our Key Opportunities Home Equity Loan program reflects the significant progress we’ve made and our dedication to reaching and helping clients across our communities.”
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 KEYBANK
KeyBank's 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 $188 billion at December 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 1,200 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 is Member FDIC.
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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# 240322-2513530
[i] 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
[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 as determined by KeyBank. Eligible Communities are subject to change without notice. Additional terms or restrictions may apply. Ask us for details.
[iv] 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.
[v] Credits up to $5,000 to be used towards closing costs and prepaid fees.
