F.N.B. Corp., parent of FNB Bank, has launched three programs designed to expand access to credit in communities of color, the company announced recently.

One is the Special Purpose Credit Program (SPCP), which “aims to pro-mote homeownership and economic equality and is available to consumers in majority-minority neighborhoods throughout the FNB footprint,” a news release stated. “FNB initially will provide up to $3 million in closing cost assistance annually through the SPCP and its proprietary afford-able mortgage programs.”

The second program is FNB Homeownership Plus, a new mort-gage loan designed to mitigate common financial barriers. 

“With down payments as low as zero percent and access to up to $5,000 through FNB’s closing cost assistance grant, FNB Homeownership Plus significantly reduces the amount of cash a borrower needs to have up-front when buying a home,” the release stated. 

The product has no private mort-gage insurance requirement and features flexible qualification standards, aimed at borrowers whose levels of existing debt or credit scores may make them ineligible for conventional loans. FNB Homeownership Plus can take alternative trade lines, such as rent or utility payments, into consideration if a customer does not have a sufficient credit history.

FNB has also launched a special-purpose home equity product, FNB Home Equity Plus, including both an installment loan and two lines of credit (interest-only and principal and interest). 

Ranging from $5,000 to $50,000, these products “make it possible for borrowers to leverage funds they have invested in their homes to finance other priorities,” according to the release. “Optimal pricing, repayment terms extending up to 180 months and favorable loan-to-value ratios provide consumers in diverse areas with enhanced borrowing power.”