City National Bank Launches Ladder Up Home Loan Program to Address Redlining Allegations

City National Bank has launched a new home-lending program as part of a settlement with the Department of Justice to address redlining allegations. The $29.5 million fund aims to help marginalized communities in Southern California get into the home-buying market. The Ladder Up Home Loan Program requires just a 3% downpayment and provides downpayment grants for homebuyers in majority-minority neighborhoods. This initiative comes after a 2017 complaint revealed disparities in mortgage applicants from Black and Hispanic census tracts compared to CNB’s peer group. The program offers competitive mortgage rates and maximum loan amounts that align with Fannie Mae standards for six Southern California counties. Borrowers can save significantly compared to FHA financing, making this program a game-changer for those looking to buy a home. With no income restrictions based on race and the ability to use non-occupants as co-borrowers, CNB’s program opens up opportunities for more individuals and families to achieve homeownership.