This Fair Housing Month, KeyBank is further committing to making the path to homeownership easier and more equitable
Submitted by KeyBank
KeyBank (NYSE: KEY) debuted its Fair Housing Month poll, which surveyed 1,000 homeowners in households earning less than $75,000 annually regarding their homebuying and lending experiences. The poll found that nearly one-third (31%) of respondents did not seek out any information or resources on home buyer assistance programs. This may be because many homebuyers, particularly those with lower incomes, could be unaware of the existence of these offerings and the important role banks can play in providing access to them. While the Fair Housing Act of 1968 set a precedent to make the sale, rental, and home financing process nondiscriminatory, borrowers in underserved communities are often at a disadvantage when it comes to awareness of tools, resources, and affordable offerings available to help them achieve home ownership.
In recognition of Fair Housing Month this April, KeyBank is further committing to helping all potential homebuyers make their dream of owning a home a reality by expanding its Special Purpose Credit Programs1 for qualifying properties in eligible communities -- introducing the Key Opportunities Home Equity Loan and the expansion of the KeyBank Home Buyer CreditSM to up to $5,000 in value. This follows a commitment to invest 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.
Nearly 1 in 3 Homeowners Surveyed Unsure About Fairness in Their Homebuying Experiences Or Believe They Had an Unfair Experience
A home is one of the largest and most meaningful purchases a person can make and is an important part of building a long-term investment strategy. Access to education, advice and resources (such as Special Purpose Credit Programs and other affordable housing resources) that ease the homebuying process are critically important—particularly for homebuyers and families who may be more likely to face barriers on their path to home ownership.
“When it comes to buying a home, there are many factors to consider – the largest being, can I afford it, and will I get a fair chance,” said Victor Alexander, Head of Key’s Consumer Bank. “Both new and experienced homebuyers are understandably anxious about the state of the market, may feel overwhelmed by the homebuying process and may not be aware of all their bank can do to assist them. We work hard to help our clients understand the tools, resources and home lending offerings that can empower them to affordable home ownership. Owning a home is a foundational step to building generational wealth and we are committed to helping our clients achieve their dream of home ownership and move forward on their financial journey.”
KeyBank’s Fair Housing Month poll found that the homebuyers surveyed may not be aware they may qualify for banking programs that make the home lending process easier and more affordable. Additional findings from the poll include:
To learn more about the survey’s findings, as well as what consumers can do to empower their homebuying journey, review the KeyBank State of the Fair Housing Market Executive Summary here.
KeyBank Commits to Assisting Homebuyers by Expanding its Special Purpose Credit Programs
Healthy and thriving communities are those within which all residents have equal access to homeownership. To do our part, KeyBank is committed to reducing the barriers to homeownership through affordable lending products and services, educational support, and direct investment. For example, KeyBank offers Special Purpose Credit Programs for qualifying properties and other resources to help make purchasing a home attainable:
This Fair Housing Month, 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 KeyBank’s mortgage center. 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.
For one KeyBank client, the Home Buyer CreditSM and assistance from a KeyBank home lending specialist helped their dream of becoming a homeowner a reality. “[The Mortgage Loan Officer] was absolutely amazing from the beginning; she always was willing to help and made me feel comfortable reaching out …and she made switching lenders a breeze. The lower interest rate, lower closing costs and the [$5,000] closing credit were the deciding factors to switch to KeyBank. Thank you for giving me the keys to my first home.”
The survey, conducted by Survey Monkey, was fielded between February 14 and February 15, 2023. The results are based on a random national survey of 1,014 respondents. The margin of error is +/- 3.142% in the aggregate. To qualify, respondent demographics included:
KeyCorp's 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 $200 billion at December 31, 2022. 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 1,300 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 is Member FDIC. Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed.
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1 Special Purpose Credit Programs are, generally, programs that are established to meet special social needs or the needs of economically disadvantaged persons by extending credit to persons who would probably be denied credit or would receive it on less favorable terms, under certain conditions. See 15 U.S.C. § 1691(c)(1)-(3); 12 C.F.R. § 1002.8(a).
KeyCorp's roots trace back 190 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 $176.2 billion at March 31, 2021. 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 1,100 branches and more than 1,400 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 is Member FDIC.
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