CINCINNATI--(BUSINESS WIRE)--Fifth Third Mortgage introduces the Community Reinvestment Mortgage Special today, a program that helps cover closing costs for its mortgage customers who buy or refinance homes in low-income areas in Fifth Third Bank’s 12-state footprint. The program also helps pay closing costs for low-income buyers financing through Fifth Third in states where the Bank has branches.
“We want to help build strong communities,” said Michelle Van Dyke, president of Fifth Third Mortgage. “We know that making homes affordable is one of the best ways we can help improve our neighborhoods.”
Fifth Third’s Community Reinvestment Mortgage Special will pay the lender’s closing costs which could range from $600 to $2,000 depending on the community. Fifth Third will pay closing costs such as origination fees, processing, underwriting, commitment and where applicable, an application fee.*
There is no income limit if the consumer is buying in a low-income area.
“We want to encourage people to revitalize some of our most vulnerable neighborhoods,” Van Dyke said. “Home ownership is one of the strongest indicators of neighborhood strength and success.”
Qualifying areas can include urban and suburban areas. The low-income tract is determined by the federal government through 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. In Cincinnati, areas that qualify include some parts of the popular Over-the-Rhine and Northside neighborhoods, among other locations.
“Sometimes people are really surprised at areas that qualify,” Van Dyke said.
Fifth Third also wants to help low-income consumers buy homes. Often buyers save enough for a down payment, and can make their monthly mortgage and insurance payments, but the closing costs can keep them from buying, Van Dyke notes.
“We want to help consumers close the gap and get into homes they want,” Van Dyke said. “They may be able to buy and spend less money than they are spending as renters.”
Fifth Third Mortgage recently ranked fourth in the J.D. Power 2015 U.S. Primary Mortgage Servicer Satisfaction study. The national study measured customer satisfaction with the mortgage servicing experience in six factors: new customer orientation; billing and payment process; escrow account administration; interaction; mortgage fees; and communications. Satisfaction is calculated on a 1,000-point scale. Fifth Third rated a 740.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $142 billion in assets and operates 1,299 full-service Banking Centers, including 101 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,630 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 22.8 percent interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2015, had $304 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. 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. Member FDIC.
*Application fee may be collected during the mortgage process but will be credited back on the day of closing.
Property must be in one of the following eligible states: MI, IN, IL, MO, KY, TN, OH, PA, WV, NC, GA, FL and either located in a Low Income Census Tract or borrower must meet the low income limit threshold based on the qualifying income per FFIEC website.
Loans subject to credit review and approval. Prices and programs subject to change without notice. Fifth Third Mortgage Company, 5001 Kingsley Drive, Cincinnati, Ohio 45227 an Illinois Residential Mortgage Licensee. Fifth Third Mortgage Company d/b/a Fifth Third Mortgage Company Incorporated and licensed by the New Hampshire banking department. Fifth Third Mortgage is the trade name used by Fifth Third Mortgage Company (NMLS #134100) and Fifth Third Mortgage-MI, LLC (NMLS #447141). Fifth Third Bank, Member FDIC. Equal Housing Lender. Equal Housing Lender, All Rights Reserved.