Home Possible® mortgage offers more options and credit flexibilities than ever before to help eligible individuals attain the dream of owning a home
NORTHAMPTON, MA / ACCESSWIRE / March 11, 2024 / As part of its commitment to making homeownership more accessible, KeyBank is pleased to announce that it now offers Freddie Mac Home Possible®i mortgage loans.
The Home Possible® mortgage offers more options and credit flexibilities than ever before to help eligible individuals attain the dream of owning a home. In addition to its down payment requirement of as little as 3%, Home Possible® also offers more options to responsibly increase homeownership for more individuals. Many types of down payment sources are acceptable with Home Possible®, including family, employer-assistance programs, and secondary financing.
- Learn more about Freddie Mac Home Possible® mortgage loans
"We are excited to partner with Freddie Mac to offer Freddie Mac's Home Possible® mortgage loan, which helps eliminate barriers to owning a home," said Dale Baker, KeyBank President of Home Lending. "Our commitment to making homeownership more accessible and achievable helps us deliver on KeyBank's purpose of helping the clients and communities we serve thrive."
KeyBank's 2024 Financial Mobility Survey found increasingly rising costs have made many Americans question whether owning a home is feasible. Of those people (20%) who are not currently in the market to purchase a home and haven't purchased one in the past year, 69% believe the dream of owning a home is not very attainable.
The Freddie Mac Home Possible® mortgage loan product can be combined with KeyBank's two special purpose credit programsii, which can also help make homeownership more affordable and attainable. The KeyBank Home Buyer Creditiii and KeyBank Neighbors First Creditiv provide homebuyers purchasing eligible properties in eligible communities up to $5,000v to be used towards closing costs and pre-paid fees that may come with financing a new home. Since its launch in September 2022, through March 1, 2024, KeyBank has funded more than $1.63 million in KeyBank Home Buyer Credits, helping 368 clients achieve their dream of homeownership in areas where the program is available. The Neighbors First Credit launched in July 2023. Through that program, Key has funded more than a half million dollars in credits, helping 104 clients through March 1, 2024.
"Home Possible® is a new option for our clients that will have a transformative effect, providing them with yet another option to unlock the possibility of sustainable homeownership," said Rachael Sampson, KeyBank Head of Community Banking for the Consumer Bank. "Home Possible® and our KeyBank special purpose credit programs show how committed we are to adding products and programs that help make the dream of owning a home a reality."
For more information about Freddie Mac Home Possible® mortgage loans or KeyBank's SPCPs, clients can visit a KeyBank branch or use the Find a KeyBank Mortgage Loan Officer tool on key.com.
NMLS# 399797. NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all states. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice.
CFMA #240304-2483328
iMaximum income is limited to 80% of the Area Median Income (AMI) in all census tracts.
iiSpecial Purpose Credit Programs ("SPCPs") 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).
iiiAvailable on primary residence first lien purchases only. Property must be located in an eligible community as determined by KeyBank. Eligible Communities are subject to change without notice. Additional terms or restrictions may apply. Ask us for details.
ivAvailable on primary residence first lien purchases only. Property must be located in an eligible community in KeyBank's retail footprint or Florida. Eligible communities are determined by KeyBank and subject to change without notice. Additional terms or restrictions may apply. Ask us for details.
vCredits up to $5,000 to be used towards closing costs and prepaid fees.
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SOURCE: KeyBank
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