Housing Watch: US Bank launches program that could benefit Valley families
Fresno is just one of 11 markets selected by US Bank where it will try to increase homeownership in underserved communities.
FRESNO, Calif. (KFSN) -- The dream of homeownership appears to be drifting farther away for many people.
In Fresno County, 67% of white families own their homes, compared to 44% of Hispanic families and just 27% of Black families.
The Access Home Loan from US Bank is designed to increase homeownership among minorities.
"It's our way of basically saying, when you look back at things that contributed to the disparity, especially in communities of color, many of them probably could have been controlled or at least prevented had they're been a little more education, a little bit more knowledge," says Lenny McNeill, Executive Vice-President, Head of Strategic Markets and Affordable Lending.
The Access Home Loan:is based on a 3% down payment.
It could provide up to $12,500 in down payment assistance and up to $5,000 in lender credit that can be used for closing costs or buying down your mortgage interest rate.
"If you're paying down that interest rate, you're obviously adjusting what's going to be a fixed rate program," McNeill said. "You're going to lower that to where you can manage that payment."
To qualify for Access Home Loan, applicants must earn less than the area median income, which is about $57,000 a year.
Fresno is just one of 11 markets selected by US Bank where it will try to increase homeownership numbers in underserved communities.
"We're just glad to be able to do our part to close this disparity gap," McNeill said. "It's been around way too long and hopefully, prepare some people for the future."
If you are interested in applying for the US Bank "Access Home Loan" program or just want to learn more, visit their website.
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