CINCINNATI – (COMMERCIAL THREAD) – Fifth Third Bank, National Association, today announced the expansion of its down payment assistance program to help reach more buyers. The program will provide up to $ 3,600 for a down payment to low- to moderate-income families and to those buying a home in low- and moderate-income communities. *
âWe understand how important homeownership is in helping families build their personal wealth,â said Jay Plum, head of Fifth Third Mortgage. âHome ownership is a powerful way to build a family legacy. Fifth Third’s Down Payment Assistance Program will help more families increase their home buying potential with confidence, making their dreams of home ownership a reality.
Fifth Third looked at the top financial barriers to homeownership, including saving for a down payment. The Bank found that while many potential buyers could afford the monthly payments and upkeep of a home, it was difficult to save enough for the initial purchase expenses, especially in low and moderate income communities. .
âHomeownership is one of the best ways for families to build their wealth and pass it on to the next generation,â Plum said. “Fifth Third wants to help clients access affordable property that will grow with them.”
Since 2016, Fifth Third has paid more than $ 15 million to low-income buyers or those who shop in low-income areas to help them buy homes, helping more than 4,500 people achieve the American Dream. over the past five years. Based on this performance, Fifth Third is expanding the program to meet the needs of low and modest income buyers looking to buy a home in low and moderate income areas.
âHelping people buy homes and move into stable housing helps strengthen all of our communities,â said Kala Gibson, head of corporate responsibility and head of corporate banking for Fifth Third. âWe are proud to increase eligibility for our down payment assistance program to help make an even greater impact in the lives of our clients. ”
The income sector is determined by the federal government using US Census data. Potential buyers should check with a third party fifth mortgage originator to see if the area they are looking for qualifies for credit.
* To qualify for down payment assistance, borrowers may qualify based on income level and purchasing a property in a low- or moderate-income census tract. Down payment assistance of up to $ 3,600 is available if you meet both criteria. The property in question must be in one of the following qualifying states: MI, IN, IL, KY, TN, OH, WV, NC, SC, GA, FL; located in a low or moderate income census tract; and the borrower must meet the low or moderate income limit threshold based on qualifying income according to the FFIEC website. Down payment assistance may be taxable as income and may need to be 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 member. Equal housing lender.
About the 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 March 31, 2021, Fifth Third had $ 207 billion in assets and operated 1,098 full-service banking centers and 2,383 ATMs under the Fifth Third brand in Ohio, Kentucky, Indiana, Michigan, l ‘Illinois, Florida, Tennessee, West Virginia, Georgia, the North. Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 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 fund managers in the Midwest and, as of March 31, 2021, had $ 464 billion in assets under watch, including $ 58 billion for individuals, corporations and nonprofits by the through its Trust and Registered Investment Advisory Firms. Investor information and press releases can be found at www.53.com. The common shares of Fifth Third are traded on the NasdaqÂ® Global Select Market under the symbol âFITBâ. The Fifth Third Bank was established in 1858. Deposit and credit products are offered by the Fifth Third Bank, National Association. FDIC member. Equal housing lender.