PROVIDENCE – Webster Bank recently launched its first Special Purpose Credit Program aimed at expanding homeownership opportunities for low- to moderate-income first-time homebuyers, and those who are seeking to refinance, in historically underserved areas, the bank announced.
Called “You’re Home,” the program provides an alternative to a traditional loan program and terms, offering up to 97% financing from the purchase of properties located in defined, underserved markets, according to a news release.
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The program is designed to assist borrowers in specific demographic geographic assessment areas and majority minority census tracts within the bank’s footprint, according to the release. Borrowers in these areas are eligible for both purchase and rate and term refinance transactions, the bank said.
“Our goal is to help reduce the barriers to traditional lending and expand the opportunities for homeownership in the communities we serve,” James Griffin, head of consumer banking, said in a statement. “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 You’re Home program is the most recent component of the bank’s Community Investment Strategy, a multi-year, $6.5 billion commitment to expanding access to capital, providing loans, investments, technical assistance and financial services to individuals and small businesses in low- and moderate-income neighborhoods, according to the release.
