KeyBank recently announced the launch of the Neighbors First Credit program, which aims to “make the dream of home ownership a reality by providing up to $5,000 to homebuyers for the purchase of eligible properties” in underserved communities. This is the third special-purpose credit program at the bank following the launches of Key Opportunities Home Equity Loan and KeyBank Home Buyer Credit over the last year.
The program launch comes less than three months after KeyBank conducted its Fair Housing month poll, which found that nearly one-third of homeowners were unsure or certain about whether they had an unfair experience when buying a home.
The program provides credits of up to $5,000 to be used for closing costs or to prepay costs that may come about when purchasing a home. This includes mortgage, flood and hazard insurance, escrow deposit, real estate taxes and per diem interest, KeyBank said.
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To qualify for the program, a client must finance the purchase of an owner-occupied home through a residential mortgage with KeyBank and the home must be located in an eligible community located in KeyBank’s retail footprint and Florida. Consumers are encouraged to contact a local KeyBank branch for more information about the program.
Commenting on the new program, Dale Baker, president of KeyBank Home Lending, said that it is the latest in a series of steps that the company is taking to help communities. “To do our part, KeyBank is reducing the barriers of homeownership through responsible lending products and services, educational support, and direct investment into the diverse communities we serve,” he said.
The program is now available in over 2,820 census tracts across the company’s 15-state footprint plus Florida and could potentially serve more than 10.5 million people.
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