U.S. Bank ranked No. 11 on the Fair360 2023 Top 50 Companies for Diversity list.
U.S. Bank has launched the Access Home Loan, the company’s latest initiative to help remove barriers to homeownership.
The loan, which is a mortgage Special Purpose Credit Program (SPCP), provides up to $12,500 in down payment assistance and up to an additional $5,000 lender credit. U.S. Bank has committed $100 million over the next five years to the program.
“We know that homeownership is the No. 1 way to build long-term wealth, but far too many minority families and individuals simply can’t come up with the upfront costs to buy a home,” said Lenny McNeill, who leads strategic markets and affordable lending for the company. “There 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.”
The goal of the program is to address historical obstacles that communities of color face in the homeownership process. Access Home aims to help individuals build generational wealth through homeownership, bridging the racial wealth gap.