F.N.B. Corporation Further Expands Access to Credit in Diverse Communities

PRESS RELEASE

January 31, 2023 - Pittsburgh, PA

F.N.B. Corporation Further Expands Access to Credit in Diverse Communities
New Special Purpose Credit Program Promotes Homeownership and Economic Equality Throughout Multi-State Footprint

F.N.B. Corporation (NYSE: FNB) announced it is further expanding access to credit in communities of color with a new Special Purpose Credit Program (SPCP). The program aims to promote homeownership and economic equality and is available to consumers in majority-minority neighborhoods throughout the FNB footprint. FNB initially will provide up to $3 million in closing cost assistance annually through the SPCP and its proprietary affordable mortgage programs.

FNB Homeownership Plus is a new mortgage loan designed to mitigate common financial barriers to homebuying. 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 product has no private mortgage insurance requirement and features flexible qualification standards, providing another solution for borrowers whose levels of existing debt or credit scores may make them ineligible for conventional loans. FNB Homeownership Plus even takes alternative trade lines, such as rent or utility payments, into consideration if a customer does not have a sufficient credit history.

The special purpose mortgage product aligns with FNB’s broader objective to address persistent racial gaps in homeownership. According to 2022 findings from the U.S. Department of the Treasury’s Office of Economic Policy, the 75 percent homeownership rate for white households significantly outpaces homeownership rates for Black households (45 percent), Hispanic households (48 percent) and non-Hispanic households of any other race (57 percent).

FNB also is now one of a few banks nationwide to offer a special purpose home equity solution, 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 monetize funds they have invested in their homes to finance other priorities. Optimal pricing, repayment terms extending up to 180 months and favorable loan-to-value ratios provide consumers in diverse areas with enhanced borrowing power. With flexible terms, FNB’s program enables consumers to finance improvements to their homes and creates a more vibrant economic outcome for their communities overall.

“For our communities to thrive, it is essential that we continue to provide banking resources that fit our customers’ wide range of needs, circumstances and backgrounds,” said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank. “In addition to our long-standing proprietary affordable mortgage programs, our new special purpose program presents another avenue for FNB to foster equal access to credit, which is a fundamental building block toward homeownership, wealth creation and financial stability for families and the neighborhoods they call home.”

The SPCP builds on a suite of financial products, services and resources FNB has introduced over time to strengthen its communities and empower consumers to make responsible, confident banking choices. Below are select highlights of FNB’s ongoing commitment.

Supporting Homeownership