U.S. Bank has joined the growing list of mortgage providers to deploy homebuyer assistance programs to help underserved borrowers overcome the down payment obstacle.
The bank has launched Access Home Loan, a mortgage Special Purpose Credit Program that provides up to $12,500 in down payment assistance and up to an additional $5,000 lender credit. The program also gives borrowers the option to use lender credit to buy down their interest rate so they can secure a lower interest rate at closing.
U.S. Bank has committed $100 million over the next five years to Access Home Loan as part of a wider initiative to advance Black homeownership. In addition, the loan program provides additional financial assistance for buyers in pilot markets where the minority population is more than 50%.
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Source: www.mpamag.com
ENB
Sandstone Group
