CHERRY HILL, N.J., March 2, 2022 /PRNewswire/ -- TD Bank, America's
Most Convenient Bank®, announced today the launch of TD Home Access
Mortgage, a new product designed to increase homeownership
opportunities in Black and Hispanic communities across several
markets within the Bank's footprint.
"TD Home Access Mortgage reduces barriers that often slow the rate
of homeownership in Black and Hispanic communities."
TD Home Access Mortgage provides prospective buyers with an
affordable mortgage option, including a $5,000 lender credit which does not require
repayment, that borrowers can use for closing costs or toward a
down payment on a home purchase. It also offers more flexibility
with a greater debt-to-income (DTI) ratio and expanded underwriting
requirements, as well as credit parameters that increase
accessibility.
"The current housing market is highly competitive, making it
exceedingly difficult for potential homebuyers, especially people
of color, to contend if they have limited financial resources for a
down payment or closing costs," said Michael Innis-Thompson, Head of Community
Lending and Development at TD Bank. "This mortgage offering is
designed to ease that burden, provide more equity in the home
lending process, and make the dream of homeownership more
attainable for Black and Hispanic families."
The product launch is particularly relevant, as a recent TD
survey found 46% of respondents consider saving for a down payment
to be a roadblock to purchasing their first home, including 44% and
45% of Black and Hispanic homebuyers, respectively.
TD Home Access Mortgage is offered in several communities across
TD's retail footprint, which spans from Maine to Florida. Qualifying borrowers must meet credit
and income parameters and reside in one of the participating
markets, but they are not required to be first-time homebuyers.
Borrowers can use the product for both purchase and refinance
transactions, and for various property types, including
single-family residences, condos, and owner-occupied multi-family
units. TD Home Access Mortgage is the latest offering the Bank has
introduced to accelerate affordable home lending and increase
inclusivity across its consumer product suite, including:
- Enhancing TD Bank Right Step Mortgage product by expanding FICO
score requirements, DTI and Loan to Value qualifications
- Reducing secured card entrance deposit from $500 to $300
- Reducing home equity loan minimum from $25k to $10k
- Launching TD Essential Banking, a low-cost, no overdraft fee
deposit account
- Launching FNMA Refi NOW, which offers higher DTI
flexibility
"TD Home Access Mortgage is very much aligned with the Bank's
ongoing commitment to continually expand our product suite to meet
the needs of communities within our footprint," says
Innis-Thompson. "This product addresses the need to reduce barriers
that so often slow the rate of homeownership in Black and Hispanic
communities. And it also demonstrates our dedication to extending
our culture of care and inclusion to our product design, finding
meaningful and sustainable ways to support our customers."
About TD Bank, America's Most Convenient
Bank®
TD Bank, America's Most Convenient Bank, is one of the 10
largest banks in the U.S., providing more than 9.5 million
customers with a full range of retail, small business and
commercial banking products and services at more than 1,220
convenient locations throughout the Northeast, Mid-Atlantic, Metro
D.C., the Carolinas and Florida.
In addition, TD Bank and its subsidiaries offer customized private
banking and wealth management services through TD
Wealth®, and vehicle financing and dealer commercial
services through TD Auto Finance. TD Bank is headquartered in
Cherry Hill, N.J. To learn more,
visit www.td.com/us. Find TD Bank on Facebook at
www.facebook.com/TDBank and on Twitter at
www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank
Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services
company in North America. The
Toronto-Dominion Bank trades on the New
York and Toronto stock
exchanges under the ticker symbol "TD". To learn more,
visit www.td.com/us.
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SOURCE TD Bank