Access Home Loan

U.S. Bank announced a new Special Purpose Credit Program (SPCP) geared toward increasing homeownership in communities of color. The Access Home Loan provides up to $12,500 in down payment assistance to qualified borrowers, as well as up to $5,000 in additional lender credit for closing costs. Buyers can opt to use the lender credit to buy down their interest rate, addressing a dire affordability problem in today’s high-rate environment. It is currently available in pilot markets where the minority population is more than 50%. Those include Las Vegas, Little Rock, Milwaukee, Minneapolis, and St. Louis, as well as six California cities.  While the loan is designed for first-time buyers, other borrowers can qualify as well. “We know that homeownership is…