{"id":769373,"date":"2023-07-12T13:32:41","date_gmt":"2023-07-12T17:32:41","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/u-s-bank-launches-access-home-loan-mortgage-to-remove-barriers-to-homeownership\/"},"modified":"2023-07-12T13:32:41","modified_gmt":"2023-07-12T17:32:41","slug":"u-s-bank-launches-access-home-loan-mortgage-to-remove-barriers-to-homeownership","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/u-s-bank-launches-access-home-loan-mortgage-to-remove-barriers-to-homeownership\/","title":{"rendered":"U.S. Bank Launches Access Home Loan Mortgage to Remove Barriers to Homeownership"},"content":{"rendered":"

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U.S. Bank Launches Access Home Loan Mortgage to Remove Barriers to Homeownership<\/b><\/p>\n

Up to $12,500 in Down Payment Assistance and $5,000 Lender Credit Available to Eligible Homebuyers<\/i><\/b><\/p>\n

MINNEAPOLIS–(BUSINESS WIRE<\/a>)–
\nU.S. Bank is expanding access to homeownership with the launch of U.S. Bank Access Home Loan, a mortgage Special Purpose Credit Program (SPCP) that provides up to $12,500 in down payment assistance and up to an additional $5,000 lender credit.<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230712112410\/en\/<\/a><\/p>\n

\"U.S.<\/p>\n

U.S. Bank has committed $100 million over the next five years to the Access Home Loan program. (Photo: Business Wire)<\/p>\n<\/div>\n

\nU.S. Bank has committed $100 million over the next five years to the Access Home Loan program, which is now available to qualified buyers in multiple markets. The new mortgage offering aligns with the U.S. Bank Access Home<\/a> initiative focused on advancing Black homeownership.<\/p>\n

\nThe goal of the initiative is to address some of the historical obstacles that communities of color face in the homeownership process. With improved access to credit, financial education and mortgage professionals that represent the communities served, U.S. Bank Access Home supports wealth building through homeownership and helps close the wealth gap that persists within communities of color.<\/p>\n

\n\u201cWe know that homeownership is the No. 1 way to build long-term wealth, but far too many minority families and individuals simply can\u2019t come up with the upfront costs to buy a home,\u201d said Lenny McNeill, who leads strategic markets and affordable lending for U.S. Bank. \u201cThere was a need that needed to be met. Our Access Home initiative, and now the U.S. Bank Access Home Loan, provide the level of financial support that can make sustainable homeownership a reality for underserved populations.\u201d<\/p>\n

\nIn addition to down payment assistance and lender credit, buyers using the Access Home Loan have the option to use lender credit to buy down their interest rate, a way for borrowers to obtain a lower interest rate at closing.<\/p>\n

\nAccess Home Loan joins the long-standing U.S. Bank American Dream<\/a> mortgage focused on assistance to help homebuyers with limited resources overcome thresholds to buying, including down payments as low as 3% and assistance funds that can be used towards a down payment, closing costs, required repairs or improvements.<\/p>\n

\nThe new Access Home Loan goes a step further providing additional financial assistance for buyers in pilot markets where the minority population is more than 50%. While the Access Home Loan is primarily designed to support first-time homebuyers, borrowers do not need to be a first-time buyer to qualify.<\/p>\n

\nAccording to the National Association of Realtors<\/a>, the gap in homeownership rates between white Americans (72.7%) and Black Americans (44%) is at its highest in a decade at 29 percent. The rate of homeownership among Hispanic Americans (50.6 %) and Asian Americans (62.8%) also falls below the white American homeownership rate1<\/sup>. The Access Home Loan program is just one way U.S. Bank is working in the communities it serves to increase access to homeownership within underserved segments of the community.<\/p>\n

\nAbout the U.S. Bank Access Home Loan:<\/p>\n