Webster Bank Launches New Homebuying Program
Webster Bank is launching a new credit program aimed at expanding homeownership opportunities for low-to-moderate income first-time homebuyers.
The “You’re Home” program is an alternative to traditional loan programs and terms.
It offers up to 97% financing for the purchase of properties located in defined, underserved markets.
The goal is to help people who are seeking to buy new homes, or refinance in historically underserved areas.
It will assist borrowers in specific demographic Geographic Assessment Areas and Majority Minority census tracts in the Bank’s footprint.
Borrowers in these areas are eligible for both purchase and rate and term refinance transactions.
“Our goal is to help reduce the barriers to traditional lending and expand the opportunities for homeownership in the communities we serve,” said Webster Bank’s head of consumer banking James Griffin.
“We want to do our part to help potential homebuyers, or those who want or need to refinance, to have more access to funding.”
The program is part of Webster’s Community Investment Strategy.
The multi-year, $6.5 billion commitment expands access to capital, provides loans, investments, technical assistance, and financial services to individuals and small businesses in low-to-moderate income neighborhoods.
The bank also offers community liaison officers who work to increase lending opportunities, and conduct financial literacy workshops.
“Homeownership strengthens our neighborhoods and helps individuals and families build generational wealth,” said Webster Bank’s chief corporate responsibility officer Marissa Weidner.
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