KeyBank Hits Another Important Milestone, Surpassing $1 Million in Neighbors First Credits
Program has helped 200 clients across America achieve sustainable and affordable homeownership
CLEVELAND, Sept. 30, 2024 /PRNewswire/ -- Today, KeyBank announced that it has funded more than $1 million in KeyBank Neighbors First Credits, helping 200 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 July 2023.
The KeyBank Neighbors First Crediti 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, owner-occupied 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.
KeyBank's 2024 Financial Mobility Survey found that many Americans believe homeownership is out of reach due to rising costs. 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.
"At a time when many feel they simply can't afford a home, KeyBank's efforts, specifically with our Neighbors First Credit, are erasing doubt and helping our clients see what is possible when they partner with their bank," said Dale Baker, Head of Home Lending at KeyBank. "Whether they are looking to buy a new home or improve the home they are in, KeyBank is committed to working with our clients to help them achieve their dreams and goals."
Some of the communities KeyBank's Neighbors First Credit has made a difference in include:
- Cleveland, OH: 47 credits funded for $235,000
- Columbus, OH: 25 credits funded for $125,000
- Dayton, OH: 11 credits funded for $55,000
- Albany, NY: 9 credits funded for $45,000
The KeyBank Neighbors First Credit is one of three special purpose credit programs (SPCPs) from KeyBank. The KeyBank Homebuyer Creditii 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 Homebuyer Credit launched in September 2022. Through this program, Key has funded more than $2.4 million in credits, helping 533 clients.
In addition, the Key Opportunities Home Equity Loaniii 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 September 19, 2024, KeyBank funded $13 million in loans, helping 259 clients secure loans for their primary home in designated communities.
"Making homeownership more affordable, accessible and, most importantly, sustainable is a critical part of KeyBank's purpose of helping the communities we serve thrive," said Rachael Sampson, Head of Community Banking for KeyBank's Consumer Bank. "Block by block, neighborhood by neighborhood, we are committed to helping our clients build wealth and grow by providing them with resources and programs that help make homeownership possible."
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, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at June 30, 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. 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.
CFMA #240925-2801809
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i 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.
ii 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.
iii 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.
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SOURCE KeyBank