Stamford-headquartered Webster Bank (NYS:WBS) has introduced its Special Purpose Credit Program (SPCP) to provide homeownership opportunities for low-to-moderate income first-time homebuyers and those seeking to refinance in historically underserved areas.
The program, called “You’re Home,” provides up to 97% financing for the purchase of properties located in defined, underserved markets. Borrowers in these areas are eligible for both purchase and rate and term refinance transactions.
The “You’re Home” program is the most recent component of the Bank’s Community Investment Strategy, a multi-year, $6.5 billion endeavor focused on expanding access to capital, credit and financial services to individuals and small businesses in low-to-moderate income neighborhoods.
“Our goal is to help reduce the barriers to traditional lending and expand the opportunities for homeownership in the communities we serve,” said James Griffin, head of consumer banking. “We want to do our part to help potential homebuyers, or those who want or need to refinance, to have more access to funding.”
