TD bank has announced the launch of Home Access Mortgage, a product designed to increase homeownership opportunities in Black and Hispanic communities across various markets. The Home Access Mortgage provides prospective borrowers with an affordable mortgage option that includes a $5,000 credit that does not require repayment, which borrowers can use toward a down payment on a home purchase or to cover closing costs.
A recent survey by TD found nearly half of all respondents considered saving for a down payment to be a significant roadblock to purchasing their first home.
“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,” TD Bank Head of Community Lending and Development Michael Innis-Thompson said. “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.”
Borrowers must meet credit and income parameters and reside in one of the participating markets to qualify for a Home Access Mortgage, but do not need to be first-time home buyers. The Home Access Mortgage can be used to purchase and refinance a mortgage for a variety of property types, including single-family residences, condos, and owner-occupied multi-family units.
“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,” Innis-Thompson said. “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.”