City National Bank Introduces Ladder Up Home Loan Program to Expand Homeownership Opportunities in Underserved Communities
Special Purpose Credit Program offers a financial grant to broaden access to homeownership
LOS ANGELES, Sept. 12, 2023 (GLOBE NEWSWIRE) — City National Bank today announced a new mortgage program to help individuals and families in eligible areas purchase or refinance a home. The Ladder Up Home Loan Program, which is offered to more than just first time home buyers, is available for specific and qualifying geographies in Southern California, New Jersey and New York. Ladder Up provides borrowers with grant assistance, a mortgage program, credit education and excellent service to help families and individuals ascend the ladder of financial success and wealth building. Furthermore, it offers significant financial benefits such as a grant up to $15,000 or 3% of the loan amount that may be used for a down payment, closing costs or buying down the rate. In addition, no mortgage insurance is required regardless of the down payment amount.
“Homeownership strengthens our communities and can help individuals and families build generational wealth over time,” said Vanessa Montañez, D.E.L, senior vice president and head of Community Lending. “Our Ladder Up Home Loan Program will help make the dream of sustained homeownership attainable for more underserved borrowers in our communities. We are committed to transforming lives by providing accessible financial solutions and educational resources that empower individuals to embark on a journey toward financial prosperity.”
City National also announced the hiring of its Community Lending team, based in Los Angeles and New York. The team is focused on providing community outreach and financial education, along with fostering inclusivity and promoting economic equity. It is primarily comprised of Community Lending mortgage bankers, Community Lending mortgage sales managers, residential Community Lending managers, community relations and business development managers.
For a photo of the team, click here.
In the coming months, City National will launch another Special Purpose Credit Program aimed to serve minority owned businesses.
About City National
With $96 billion in assets, City National Bank provides banking, investment and trust services through 69 branches, including 21 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Washington, D.C., and Miami.* In addition, the company and its investment affiliates manage or administer $98 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of the world’s leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 27 other countries.
For more information about City National, visit the company’s website at cnb.com.
*City National Bank does business in Miami and the state of Florida as CN Bank.
All loans and lines of credit are subject to credit and property review and approval. Loans must be secured by a first lien on a one- to-two family residential dwelling. Additional terms and conditions apply. Not all applicants will qualify. All stated APRs, program terms, and discounts are subject to change without notice.
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Media Contacts:
Michele Ashley, City National Bank
[email protected]
650-274-9333
