KeyBank rolls out closing cost assistance program for homebuyers

Program to provide credit of up to $5,000

KeyBank rolls out closing cost assistance program for homebuyers

KeyBank has announced the launch of Neighbors First Credit, a homebuyer assistance program that provides credits up to $5,000.

The bank said Neighbors First Credit offers up to $5,000 in closing costs credits to be used for the purchase of an owner-occupied home, which must be located in an eligible community located in Florida and other markets where KeyBank has a retail branch.

The credits cover closing and prepay costs, including mortgage, flood and hazard insurance, escrow deposit, real estate taxes, and per diem interest.

“A recent Fair Housing Month poll from KeyBank found that nearly 31% of respondents did not seek out any information or resources on home buyer assistance programs,” the bank noted in its press release. “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.”

Read next: KeyBank hires VP to strengthen commercial mortgage group

“The Neighbors First Credit is the latest in a series of steps we are taking to help the communities in which we live and work thrive,” said Dale Baker, president of KeyBank Home Lending. “At KeyBank, helping all residents have equal access to homeownership is a priority. 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.”

Want to keep up with the latest mortgage news? Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.