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KeyBank, NeighborWorks and The Fair Housing Center Collaborate to Expand Access to Home Loans for Single-family Properties Throughout Toledo

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$3 million investment will target low- to moderate-income borrowers and promote more inclusive communities of opportunity

Northampton, MA –News Direct– KeyBank

TOLEDO, Ohio, September 2, 2021 /3BL Media/ – KeyBank, NeighborWorks Toledo Region and The Fair Housing Center are partnering to make financing single-family homes easier and more affordable for low- to moderate-income individuals and families throughout the city of Toledo.

The program, which is funded by a $3 million investment from KeyBank and administered by NeighborWorks, will provide an estimated 60 first mortgage and refinance loans at below market rates to borrowers in primarily LMI neighborhoods throughout the city of Toledo. To be eligible, borrowers must have an annual income not exceeding 80 percent of the area median income.

“KeyBank is pleased to partner with NeighborWorks and The Fair Housing Center to invest in and help revitalize the communities that enrich our region by making the dream of homeownership and home improvement a reality,” said Jim Hoffman, president, Northwest Ohio Market, KeyBank. “By turning distressed properties into valued residential assets, as well as creating an affordable pathway to purchase and improve homes, we hope to help neighborhoods and people thrive.”

Loan applicants will be required to attend a NeighborWorks home buyer orientation session, as well as individual counseling sessions that will include an affordability analysis. Additional credit counseling, credit repair instructions and on-site home buyer education will be offered by NeighborWorks Financial Opportunity Center.

“NeighborWorks views KeyBank’s investment as a tremendous opportunity to add home purchase resources that will benefit low- and moderate-income consumers. NeighborWorks Toledo Region is honored to play this vital role in promoting home ownership in our community,” said William Farnsel, executive director, NeighborWorks.

NeighborWorks’s underwriting standards will be used to qualify loan applicants and applications will be submitted for consideration to an internal loan committee made up of senior NeighborWorks management. The Fair Housing Center will ensure the program is inclusive and delivers on its goal of building communities that create and offer opportunity for all.

“Homeownership is the foundation of personal security and strong, stable neighborhoods,” said Marie Flannery, President and CEO of The Fair Housing Center. “Unfortunately, this opportunity is too often out of reach for many in our community. Partnering with KeyBank and NeighborWorks is a crucial step to expand access to homeownership so that all of our neighborhoods are inclusive, vibrant places to live.”

For more information, interested borrowers can contact NeighborWorks by phone at 419-691-2900.

About NeighborWorks Toledo Region

NeighborWorks America® is the country’s preeminent leader in affordable housing and community development, working to create opportunities for lower-income people to live in affordable homes in safe, sustainable neighborhoods that are healthy places for families to grow. NeighborWorks TOLEDO REGION restores and revitalizes NeighborWorks® neighborhoods, primarily for the benefit of current and future inhabitants, by providing services and programs that renew pride, stimulate reinvestment and restore confidence and trust.

About The Fair Housing Center

VisionThe Fair Housing Center will be a leading visible force in preventing, correcting, and eliminating discriminatory housing practices. To achieve our vision, the Center works as a trusted community resource, engaging in education and outreach, advocacy for anti-discriminatory housing policies, mediation, research and investigation, and enforcement actions.

MissionThe Fair Housing Center is a nonprofit civil rights agency that promotes housing choice, the creation of inclusive communities of opportunity, and the protection and expansion of fair housing rights to support strong communities free of housing discrimination.

The work that provided the basis for this publication was supported by funding under a grant with the U.S. Department of Housing and Urban Development. The substance and findings of the work are dedicated to the public. The author and publisher are solely responsible for the accuracy of the statements and interpretations contained in this publication. Such interpretations do not necessarily reflect the views of the Federal Government.

EQUAL OPPORTUNITY SPECIALISTS

NATIONAL FAIR HOUSING ALLIANCE OPERATING MEMBER

About KeyBank

KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $181.1 billion at June 30, 2021.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

THE FAIR HOUSING CENTER NEWS MEDIA CONTACTSarah JenkinsDirector of Public Policy and Community Engagement(419) 503-0529sarahjenkins@toledofhc.org

KEYBANK NEWS MEDIA CONTACTMichael ConlinCommunications Manager(518) 538-7269michael_p_conlin@keybank.co

View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com

View source version on newsdirect.com: https://newsdirect.com/news/keybank-neighborworks-and-the-fair-housing-center-collaborate-to-expand-access-to-home-loans-for-single-family-properties-throughout-toledo-471264256

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Are Sallie Mae Student Loans Federal or Private?

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When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances

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Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit

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Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.

 

 

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