Welcome to Key, your path to homeownership!
If qualifying for a mortgage or saving for a large down payment has been a challenge, you’re in the right place. We're thrilled to support you as you take this exciting step toward owning your home.
Our program is designed to help you become a homeowner now. With just 2.5-5% down, you can choose your home from the market and move in. Over a 5-year term, you’ll make monthly payments while already enjoying the benefits of homeownership.
At the end of the term, we’ll seamlessly exit the agreement — and just like that, congratulations, you’re officially a full homeowner!
Here's how it works.
First, you need to apply to become a Key homeowner. You can find more detailed information about the application process in Section 2 of this handbook. Once your application has been approved, you’ll be ready to get started in the Key program.
We will set a home shopping budget together. The budget will be based on your financial situation while taking your personal preferences into account. Then, our team and a licensed realtor will help you shop for your desired home. Home shopping criteria and process details can be found in Sections 3 and Sections 4 of this handbook.
You can move into your home once you have signed your Owner Resident Agreement (ORA) which outlines the financial terms and we have closed on the home. While Key initially takes the title of the property, you will start earning equity on your downpayment and future equity deposits. At closing, you pay the agreed down payment and you’re officially on your path to taking full ownership of your home. More details on the OR Agreement are in Section 5 of this handbook.
Once you’ve moved into your home, you can already start enjoying the benefits of homeownership. You will have the freedom to customize your home, and will be in charge of renovations and maintenance. See Section 5 for more details.
During your 5-year term, you will make monthly payments similar to a mortgage. This covers your home occupancy costs and helps you build equity until you take over full ownership.
At the end of your term, you will take full ownership and title of your home, at a sale price predetermined at the beginning of your contract. You can see more detailed information in Section 6 of this handbook. At this point, Key will exit the agreement and you will fully own your home. Congratulations on becoming a homeowner!
