City National Bank Increases Ladder Up Home Loan Grant to as much as $50,000 in Certain Los Angeles Markets

One of the largest grants designed to help more Angelenos become homeowners

Sep 5, 2024

LOS ANGELES — City National Bank today announced it has increased its Ladder Up Home Loan Grant to as much as $50,000 in majority Black or Hispanic census tracts within the Los Angeles-Long Beach-Glendale, Calif., Metropolitan Statistical Area. The newly enhanced resource is designed to increase access to credit for individuals and families looking to purchase a home in eligible areas.

The Ladder Up Home Loan Grant is part of a special purpose credit program (SPCP) that City National developed to help empower communities and bridge the housing affordability gap.

Through the SPCP, City National provides borrowers with grant assistance, a mortgage program, credit education and excellent service to help them navigate the homebuying process. Qualifying homebuyers may use the grant toward a down payment, closing costs or buying down the interest rate on their mortgage. In addition, with the Ladder Up Home Loan grant, mortgage insurance is not currently required regardless of the down payment amount.

“Homeownership strengthens our communities and can help individuals and families ascend the ladder of financial success and generational wealth building,” said David Cameron, head of Consumer Banking, City National Bank. “We are proud to offer one of the largest grants available to help more people in our community become homeowners.”

In addition to the significant grant increase in certain areas of Los Angeles, City National also offers home loan grants of up to $20,000 in other qualifying geographies in Southern California, New Jersey and New York.