CINCINNATI--(BUSINESS WIRE)--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.