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.
KeyBank announced that it has funded more than $10 million in loans through its Key Opportunities Home Equity Loani 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.”
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Key Opportunities is one of three special purpose credit programsii (SPCPs) from KeyBank. Two others, the KeyBank Home Buyer Creditiii and KeyBank Neighbors First Creditiv, 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.
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