Update on KeyBank’s 100% Financing Program:
In my last post about this topic, I referred to this as a “new” program. After meeting with Kristin Shields and Will Mullin, KeyBank Mortgage Advisor and Relationship Manager respectively, I know now that Key has had this program in place for +/- four years.
Disclaimer: The information that I am sharing here is NOT to promote KeyBank. As a professional REALTOR®, representing both buyers and sellers, it is my responsiblity to have a broad knowledge of available financing to achieve my client’s home ownership (or home sale) goals. Lender guidelines vary, the most significant of which is FICO score minimums. I have experienced some lender FICO requirements as high as 720. KeyBank’s 620 benchmark is extremely borrower friendly.
The 100% program is actually called the “Key Community Mortgage“. I entered the meeting a skeptic. I left a believer. And I can’t wait to share this incredible financing opportunity with my clients. No other lender that I am aware of is offering a truly obtainable community mortgage such as this. I was even able to get a glowing recommendation about the program from a title officer who I know and trust, who has successfully closed a Key Community Mortgage.
Question: Why is KeyBank offering this program? It seems too good to be true, or too good to last.
Answer: This is Key’s way of meeting federal requirements for community investment.
Question: What does this mean, realistically, in terms of purchase price and interest rate, for the borrower?
Answer: A $500 minimum investment, approximately .25% add on to the interest rate (example: yesterday’s rate was 5.25% = .25% over yesterday’s VA rate), and, based on income guidelines, works ideally on a purchase price up to $180,000.
Question: Are the funds available for this program limited, capped or budgeted?
Cool Program Details
For More Information Contact:
Kristin Shields, Mortgage Advisor
Tell Her You Read About the Program Here!