KeyBank offers several mortgage and home equity products to borrowers in 19 states, including loans that don’t require a down payment. Qualifying borrowers can obtain conventional loans, Federal Housing Administration loans, adjustable-rate mortgages, jumbo loans and more.
- KeyBank offers various discounts to borrowers who qualify.
- Loans with no down payment requirement are available.
- A wide variety of mortgage and home equity products are available.
- KeyBank only offers loans in 19 states.
- Borrowers can’t apply for a loan online.
- U.S. Department of Agriculture loans are not available.
KeyBank offers a handful of specialized loan products. Here are a few examples:
- Key Community Mortgage: Low- and moderate-income households can qualify for a loan with no down payment and no private mortgage insurance. KeyBank also accepts nontraditional credit histories with this loan.
- SilverKey Mortgage: Key private bank clients – wealth management clients with a high net worth – can qualify for a loan of up to $3.5 million with no PMI.
- GoldKey Mortgage: Key private bank clients can get a loan of up to $3.5 million. PMI is not required, and borrowers can count asset depletion – dividing your assets by a set number of months – as qualifying income.
- Medical Profession Loans: Medical doctors, dentists and veterinarians can borrow up to $1.5 million with a combined loan-to-value ratio of 100 percent for all loans on the property. PMI is not required.
- Fannie Mae HomeReady Mortgage: This federally backed loan allows borrowers at certain income levels to qualify for a mortgage with a 3 percent down payment and reduced PMI payments.
- Combination Mortgage: Borrowers can combine a mortgage and home equity loan with a 10 percent down payment and no PMI.
- Conventional loans
- FHA loans
- U.S. Department of Veterans Affairs loans
- Jumbo loans
- 5/1, 7/1 and 10/1 ARM loans
- Home equity loans
- Home equity lines of credit
KeyBank only offers loans, mortgage and home equity products to borrowers living in 19 states:
- Alaska
- Arizona
- California
- Colorado
- Connecticut
- Florida
- Idaho
- Massachusetts
- Maine
- Michigan
- New Jersey
- New York
- North Carolina
- Ohio
- Oregon
- Pennsylvania
- Utah
- Vermont
- Washington
The lender requires a minimum FICO credit score of 620 to qualify for a mortgage loan. Borrowers can qualify for a loan with a down payment of as little as zero percent, but some loans may require more.
KeyBank has a maximum debt-to-income ratio of 50 percent and doesn’t have a minimum loan amount. There is a maximum loan amount of $3.5 million for most mortgages, though there are exceptions.
KeyBank’s closing costs depend on the transaction, location and product. The lender offers several discounts to borrowers who qualify.
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KeyBank has an A+ rating with the Better Business Bureau.
In 2020, the Consumer Financial Protection Bureau received 70 mortgage-related complaints about KeyBank’s parent company, KeyCorp. The most common issues were related to:
- Trouble during the payment process
- Struggling to pay the mortgage
- Applying for a mortgage or refinancing an existing mortgage
- Incorrect information on reports
- Closing on a mortgage
KeyBank provided a timely response to the CFPB for all issues, closing 60 with an explanation, 7 with monetary relief and three with nonmonetary relief.
KeyBank does not allow borrowers to apply for a mortgage online. Instead, you can apply over the phone or in person at a KeyBank branch. Borrowers can apply for a home equity loan or line of credit through the lender’s website. The closing process is done in person.
- People who qualify for one of the lender’s specialized loans
- People who live in an area serviced by KeyBank
- People who prefer to do the mortgage process in person
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