KeyBank Celebrates Major Achievement with Neighbors First Credits
KeyBank Reaches $1 Million Milestone in Neighbors First Credits
The Neighbors First Credits program, launched by KeyBank, has successfully helped numerous clients across the nation realize their dream of sustainable and affordable homeownership. Today, KeyBank proudly announces that it has surpassed the impressive milestone of funding over $1 million in credits since its inception.
Significant Impact on Homeownership
Since the program's launch, it has provided essential financial assistance to 200 clients aiming to purchase eligible homes. This initiative is aimed at supporting low- to moderate-income individuals and families in achieving homeownership, even in areas where affordability is often a barrier. KeyBank's commitment to community support is evident in the positive outcomes generated by this program.
Understanding Neighbors First Credits
The Neighbors First Credit scheme offers eligible homebuyers $5,000 towards closing costs and pre-paid fees associated with purchasing a new owner-occupied residence. These costs cover a range of expenses including mortgage insurance, taxes, and other necessary fees, ensuring that clients can manage the financial aspects of home buying more easily.
Highlighting the Homeownership Challenges
Recent findings from KeyBank's 2024 Financial Mobility Survey indicate that many Americans feel homeownership is increasingly out of reach because of rising costs. Among those surveyed, a staggering 69% of respondents believe that owning a home is not very attainable, particularly for those who are not currently in the market.
Quotes from Key Leaders on Community Efforts
KeyBank’s Head of Home Lending, Dale Baker, shared, "During times when potential homeowners feel uncertain about affordability, our Neighbors First Credit program is not just a financial solution. It also brings hope, showing that partnership with a bank can lead to feasible opportunities in home ownership." This statement reflects KeyBank's unwavering dedication to supporting its clients at every step.
Communities Benefited by Neighbors First Credits
KeyBank’s Neighbors First Credits have notably impacted various communities, providing substantial funding in the following areas:
- Cleveland, OH: 47 credits funded, totaling $235,000
- Columbus, OH: 25 credits funded, totaling $125,000
- Dayton, OH: 11 credits funded, totaling $55,000
- Albany, NY: 9 credits funded, totaling $45,000
KeyBank's Commitment to Supporting Home Buyers
The Neighbors First Credit program represents one of three initiatives designed to enhance accessibility and affordability in homeownership. The KeyBank Homebuyer Credit provides similar benefits and has already funded over $2.4 million in credits, helping 533 individuals achieve their homeownership goals since its launch. This ongoing commitment highlights KeyBank's proactive stance on fostering economic mobility through housing stability.
Further Enhancing Client Capabilities
Moreover, the Key Opportunities Home Equity Loan offers borrowers affordable terms, helping them refinance, finance home improvements, and consolidate debt easily. Since this program started, KeyBank has invested $13 million in loans, addressing the needs of 259 clients.
Future Outlook and Community Engagement
KeyBank's leaders, including Rachael Sampson, the Head of Community Banking, echo the commitment to making homeownership accessible. "We are dedicated to helping our clients build wealth and better their lives, one home at a time," she stated. This reflects the bank's larger mission—helping communities thrive through financial opportunities.
Individuals interested in KeyBank's home lending programs or those who wish to learn about qualifying properties can visit KeyBank’s dedicated website for more information. With a team of Mortgage Loan Officers ready to assist, potential clients can confidently navigate their homebuying journey.
About KeyCorp
KeyCorp, operating under the KeyBank National Association name, has its roots in Albany, New York, and is headquartered in Cleveland, Ohio. With nearly 200 years in service, the institution is a major player in the United States financial services sector, managing assets of approximately $187 billion. KeyBank provides various financial services, including deposit, lending, and investment solutions, across its extensive branch network.
Frequently Asked Questions
What is the Neighbors First Credits program?
The Neighbors First Credits program offers eligible homebuyers $5,000 to assist with closing costs and pre-paid fees when purchasing a new home.
How many clients has KeyBank helped through this program?
To date, the program has supported 200 clients in achieving homeownership.
What challenges do Americans face regarding homeownership?
Many Americans feel that rising costs make homeownership unattainable, as highlighted by recent surveys indicating a significant number of individuals believe owning a home is increasingly difficult.
What are the other programs KeyBank offers related to home buying?
In addition to Neighbors First Credits, KeyBank also offers the Homebuyer Credit and the Opportunities Home Equity Loan, both aimed at making homeownership more accessible.
How can potential clients learn more about KeyBank's offerings?
Potential homebuyers can visit KeyBank's website to explore home lending options and connect with Mortgage Loan Officers for personalized assistance.
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