Fifth Third Expands Down Payment Assistance to $7,500 for Qualified Buyers
March 02 2020 - 9:00AM
Business Wire
Bank Provides an Affordable Path to Home
Ownership
Fifth Third Bank, National Association, today announced an
expansion to its Down Payment Assistance program that will now help
pay up to $7,500 toward a down payment and closing costs for
qualified buyers.* The program provides an affordable option for
low-income families and those purchasing homes in low-income
communities.*
“We want to help build strong communities,” said Chris Shroat,
head of Fifth Third Mortgage. “We know that making purchasing an
affordable home achievable is one of the best ways we can help
improve our neighborhoods.”
Fifth Third examined the biggest financial obstacles to home
ownership, including assembling a down payment and paying closing
costs. The Bank found that while many potential home buyers could
afford monthly payments and upkeep for a home, it was difficult to
save enough for initial buying expenses.
“Home ownership is one of the strongest indicators of a
neighborhood’s strength and success,” Shroat said. “Fifth Third
wants to help customers get into an affordable property.”
The Down Payment Assistance program is part of the Bank’s $32
billion Community Commitment. Since 2016, Fifth Third has given
more than $9 million to low-income buyers or those buying in
low-income areas to help purchase homes. These programs, which paid
up to $3,600 in down payment and closing costs, have helped more
than 3,200 people achieve the American dream in the past four
years.
Based on this performance, Fifth Third is enhancing the program
to meet the needs of many low-income buyers. Low-income buyers or
buyers purchasing in low-income areas can qualify for up to $5,000
in assistance. Low-income buyers who buy in low-income areas can
qualify for up to $7,500 in assistance.
“Helping people buy homes and move into stable housing helps
strengthen all of our communities,” said Byna Elliott, chief
enterprise responsibility officer. “We are proud to increase our
down payment assistance program to help make an even greater impact
in the lives of our customers.”
The low-income tract is determined by the federal government
through U.S. Census data. Potential buyers should check with a
Fifth Third mortgage loan originator to see if the area they are
looking in qualifies for the credit.
*To be eligible for the down payment assistance, borrowers can
qualify based upon income level and/or by purchasing property in a
low-income census tract. Down payment assistance up to $5,000 is
available if meeting one of the criteria and up to $7,500 for both
criteria. The subject property must be in one of the following
eligible states: MI, IN, IL, KY, TN, OH, WV, NC, GA, FL and located
in a low-income Census Tract or borrower must meet the low-income
limit threshold based on the qualifying income per FFIEC website.
Down payment assistance may be taxable as income and reported to
the IRS. Consult your tax advisor. Not available with all loan
products.
Loans are subject to credit review and approval. Fifth Third
Bank, National Association, 38 Fountain Square Plaza, Cincinnati,
OH 45263, NMLS# 403245, FDIC.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio, and the indirect parent company
of Fifth Third Bank, National Association, a federally chartered
institution. As of December 31, 2019, Fifth Third had $169 billion
in assets and operated 1,149 full-service banking centers and 2,481
ATMs with Fifth Third branding in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and
North Carolina. In total, Fifth Third provides its customers with
access to approximately 53,000 fee-free ATMs across the United
States. Fifth Third operates four main businesses: Commercial
Banking, Branch Banking, Consumer Lending and Wealth & Asset
Management. Fifth Third is among the largest money managers in the
Midwest and, as of December 31, 2019, had $413 billion in assets
under care, of which it managed $49 billion for individuals,
corporations and not-for-profit organizations through its Trust and
Registered Investment Advisory businesses. Investor information and
press releases can be viewed at www.53.com. Fifth Third’s
common stock is traded on the Nasdaq® Global Select Market under
the symbol “FITB.” Fifth Third Bank was established in 1858.
Deposit and Credit products are offered by Fifth Third Bank,
National Association. Member FDIC.
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version on businesswire.com: https://www.businesswire.com/news/home/20200302005536/en/
Laura Trujillo (Media Relations) Laura.Trujillo@53.com |
513-534-NEWS Chris Doll (Investor Relations)
Christopher.Doll@53.com | 513-534-2345
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