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
________________________
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