KeyBank’s first-quarter report on the state of the fair housing market showed that 47% of poll respondents weren’t sure they received a fair price for their homes.
“A home is one of the most meaningful purchases a person or family can make,” said Dale Baker, president of home lending at KeyBank, in a press release. “At Key, we believe that healthy communities are those where all residents have access to homeownership.”
The Cleveland-based bank has made it a priority to help home buyers understand the process that leads to home ownership.
“We aim to help our communities thrive by not only bringing awareness to affordable lending products, programs and services, but also providing educational support and direct investment,” Baker said.
The company launched the KeyBank Home Buyer Credits program in September 2022 and already has funded it with more than $1 million. It has helped 245 clients buy homes. It also offers a Special Purpose Credit Program, which offers $5,000 toward closing costs ad other related fees when financing a home.
The poll pointed out that about a third of respondents did not seek information or resources about home buyer assistance programs. The survey also showed respondents most wanted lower interest rates in assistance programs.
Homeowners surveyed said location and price were the top factors in buying a home, followed by financing terms.
The poll was conducted by Survey Monkey between Feb. 14 and 15, and had 1,014 respondents.
KeyCorp’s roots date back 200 years to Albany, New York. It now has 1,000 branches, including in the South Bend area.