KeyBank Now Offering Financing Options for Manufactured Homes

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Oct 26, 2023, 13:12 ET

With new options to finance manufactured homes, KeyBank is further committing to making the path to homeownership easier and more equitable

CLEVELAND, Oct. 26, 2023 /PRNewswire/ -- Today, KeyBank (NYSE: KEY) announced new financing options for manufactured homes as a part of Key's commitment to increasing affordable product offerings in the communities we serve. Loan options are available for purchase, as well as rate/term and cash-out refinances. To qualify, the manufactured home must:

KeyBank Member FDIC. Equal Housing Lender.

Be a multi-wide and permanently affixed to the ground;
Be in eligible areas within KeyBank's footprint (not available in NY, MA, CT, FL) and titled as real property;
Have HUD data plate and HUD certification label; and
Be a primary or secondary home.

In addition to the financing options, the manufactured home may be eligible for KeyBank's Special Purpose Credit Programs to help with closing costs and prepaid fees.¹ Find out more about the manufactured home financing options here.

"KeyBank is committed to reducing the barriers to homeownership through affordable lending products and services, educational support, and direct investment," said Dale Baker, President of KeyBank Home Lending. "Owning a home is a foundational step to building a long-term investment strategy. These new manufactured home financing options are the next step KeyBank is taking to do our part in helping our clients achieve their dream of home ownership and move forward on their financial journey."

Other support KeyBank offers to help make purchasing a home attainable includes:

Affordable loan products and programs subject to income requirements, property location, or military status. Clients may be able to qualify for lending assistance, which will mitigate costs and allow them to put the money saved toward other necessities. Certain programs, like FHA loans or the Key Community Mortgage² are specifically designed for those who could benefit from a lower down payment.
The KeyBank Home Buyer Credit^{® 3}and the KeyBank Neighbors First Credit^{SM 3} designed to help homebuyers of eligible properties based upon where the property is located. These programs provide a credit up to $5,000 to use for closing costs such as mortgage, flood and hazard insurance, escrow deposit, real estate taxes, and per diem interest.
The Key Opportunities Home Equity Loan, which provides affordable terms for borrowers with qualifying properties to refinance their primary residence to a lower interest rate, consolidate debt, finance home improvements, or tap into their equity when needed. This loan features a fixed rate, with no origination fee, and a first or second lien option for loans up to $100,000.
Online resources, such as the Mortgage Calculator and Mortgage Checklist on www.Key.com/Mortgage to help clients better understand their lending options and chart the best path forward. Additional resources, such as homebuyer education programs and seminars, are also available in certain areas.

Learn more about KeyBank's home lending opportunities and programs, determine whether a property qualifies for Special Purpose Credit Programs, or get started on the journey to homeownership by visiting key.com/communitylending. For details on the current state of local markets and to answer any questions you may have, including whether a property qualifies for Key's Special Purpose Credit Programs or other affordable lending options, KeyBank Mortgage Loan Officers are available to help.

About KeyCorp

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $188 billion at September 30, 2023.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. Equal Housing Lender. Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed. NMLS #399797

¹Available 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.

Special 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).

² Property must be located in a KeyBank Assessment Area. No income limitations if property is located in low or moderate income census tracts. For all other census tracts, income must be less than 80% of the Federal Financial Institutions Examination Council (FFIEC) Estimated MSA/MD Median Family Income. Completion of a HUD-approved prepurchase homebuyer education workshop may be required prior to closing. Landlord counseling may be required prior to closing on all two-unit transactions. Borrowers are not permitted to own any other real estate at the time of closing.

³ Available 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. Credits up to $5,000 to be used towards closing costs and prepaid fees. Additional terms or restrictions may apply. Ask us for details.

SOURCE KeyCorp