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Sep 12, 2023
LOS ANGELES — 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.
In the coming months, City National will launch another Special Purpose Credit Program aimed to serve minority owned businesses.