City National Bank Amplifies Home Loan Grant to $50,000
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City National Bank Expands Home Loan Grant Program
Recently, City National Bank made a significant move to enhance accessibility to homeownership by increasing its Ladder Up Home Loan Grant to $50,000. This initiative specifically targets majority Black and Hispanic census tracts, aiming to support families striving to purchase homes in these critical areas.
About the Ladder Up Home Loan Grant
The Ladder Up Home Loan Grant is an instrumental part of City National's effort to tackle the housing affordability crisis. This special purpose credit program (SPCP) is designed to provide valuable resources to communities. Through this program, borrowers receive not just financial assistance but also access to essential mortgage education and customer service tailored to ease the journey of buying a home.
How the Grant Works
Qualifying homebuyers can use the grant to cover a variety of costs associated with acquiring a home. This may include down payments, closing expenses, or reducing their mortgage interest rate. A notable advantage of the Ladder Up grant is that it currently waives the requirement for mortgage insurance, irrespective of the amount of down payment provided.
Comments from Leadership
“Homeownership is pivotal in enriching our communities and fostering financial growth for individuals and families alike,” remarked David Cameron, head of Consumer Banking at City National Bank. “We are excited to present one of the most substantial grants available, aiming to empower more community members to take the leap into homeownership.”
Additional Grant Opportunities
In addition to this substantial increase, City National Bank offers home loan grants of up to $20,000 in various other qualifying regions across Southern California, New Jersey, and New York. These initiatives reflect the bank's commitment to broadening the scope of support for potential homeowners.
About City National Bank
City National Bank, a respected subsidiary of Royal Bank of Canada, stands as the largest bank in Los Angeles, boasting $92 billion in assets. Established in 1954, it has carved a niche for itself by delivering tailored banking, investment, and trust services to clients in key markets. These include major hubs such as San Diego, New York City, and Nashville, among others. Furthermore, City National manages an impressive $101 billion in client investment assets. The bank prides itself on its community involvement, having contributed over $11 million to various nonprofits supporting community development in the past year.
Contact Information
For further details about City National Bank and its services, the general public is encouraged to explore the company’s website.
Frequently Asked Questions
What is the Ladder Up Home Loan Grant?
The Ladder Up Home Loan Grant is a financial assistance program by City National Bank aimed at helping eligible homebuyers cover costs like down payments and closing fees.
Who qualifies for the Ladder Up Grant?
Qualifying criteria include location in majority Black or Hispanic census tracts and meeting specific income thresholds set by the bank.
How much aid can be received from this grant?
Eligible individuals can receive up to $50,000 through the Ladder Up Home Loan Grant program.
Is mortgage insurance required with the Ladder Up Grant?
No, currently there is no mortgage insurance required, no matter the down payment amount.
What other regions does City National serve?
City National Bank also provides home loan grants in other areas including Southern California, New Jersey, and New York.
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