Lack Of Awareness Among Low-Income Homebuyers Of Available Homebuyer Assistance Programs

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Lack Of Awareness Among Low-Income Homebuyers Of Available Homebuyer Assistance Programs

Apr 24, 2023 | News | 0 comments

KeyBank has launched a survey during Fair Housing Month that involved interviewing 1,000 homeowners from households earning less than $75,000 per year. The survey aimed to gather information about their experiences with home buying and lending. According to the survey, approximately 31% of the respondents did not search for any details or resources related to homebuyer assistance programs.

It’s possible that the reason behind this finding is the lack of awareness among homebuyers about the availability of such programs and the significant role that banks can play in providing access to them. Despite the Fair Housing Act of 1968 that prohibited discrimination in the sale, rental, and financing of homes, borrowers from underserved communities are often at a disadvantage due to the limited knowledge about the tools, resources, and affordable options that can assist them in realizing their dream of homeownership.

To mark Fair Housing Month in April, KeyBank is reinforcing its dedication to assisting all prospective homebuyers in achieving their homeownership goals. KeyBank is broadening the scope of its Special Purpose Credit Programs to encompass qualifying properties in eligible communities. This encompasses the Key Opportunities Home Equity Loan as well as the expansion of the KeyBank Home Buyer Credit, which now has a value of up to $5,000.

This move is in line with KeyBank’s prior pledge to allocate over $25 million in grants, marketing, and fee waivers over a span of five years to boost mortgage lending in neighborhoods where minorities constitute the majority. In addition, KeyBank has allocated over $1 million towards homebuyer education and other forms of community support.

Purchasing a home is one of the most significant and meaningful investments that a person can make and plays a vital role in establishing a long-term investment plan. Having access to education, guidance, and resources, including Special Purpose Credit Programs and other affordable housing resources, is crucial, especially for families and homebuyers who may encounter challenges in their journey toward homeownership. These resources can greatly alleviate the difficulties associated with the home-buying process.