Fifth Third Expands Down Payment Assistance to Help More Buyers

Rhea-AI Summary

Fifth Third Bank has expanded its Down Payment Assistance program, providing up to $3,600 for low- and moderate-income families purchasing homes in eligible communities. This initiative addresses financial barriers that hinder homeownership, especially in low-income areas. Since 2016, the bank has allocated over $15 million assisting more than 4,500 individuals in home purchases. By increasing eligibility, Fifth Third aims to strengthen community stability and enhance homeownership potential.

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• Expanded Down Payment Assistance program allows for up to $3,600 for qualifying buyers.
• Since 2016, over $15 million has been given to assist more than 4,500 low-income homebuyers.
• Increased eligibility aims to enhance community stability and support more families in achieving home ownership.

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• None.

Fifth Third Bank, National Association, today announced an expansion to its Down Payment Assistance program to help reach more homebuyers. The program will provide up to $3,600 toward a down payment for families with low- and moderate-incomes and those purchasing homes in low-and moderate-income communities.*

Jay Plum, head of mortgage for Fifth Third (Photo: Business Wire)

“We understand how important home ownership is to helping families build their personal wealth,” said Jay Plum, head of Fifth Third Mortgage. “Home ownership is a powerful way to build a family legacy. Fifth Third’s Down Payment Assistance Program will help more families increase their potential to purchase a home with confidence, reaching their home ownership dreams.”

Fifth Third examined the biggest financial obstacles to home ownership, including saving for a down payment. 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, especially in low- and moderate-income communities.

“Home ownership is one of the strongest ways families can build their wealth and pass it on to the next generation,” Plum said. “Fifth Third wants to help customers get into an affordable property that will grow along with them.”

Since 2016, Fifth Third has given more than $15 million to low-income buyers or those buying in low-income areas to help purchase homes, helping more than 4,500 people achieve the American dream in the past five years. Based on this performance, Fifth Third is expanding the program to meet the needs of both low and moderate-income buyers looking to purchase a home in low- and moderate-income areas.

“Helping people buy homes and move into stable housing helps strengthen all of our communities,” said Kala Gibson, chief enterprise corporate responsibility officer and head of business banking for Fifth Third. “We are proud to increase the eligibility for our down payment assistance program to help make an even greater impact in the lives of our customers.”

The 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 down payment assistance, borrowers can qualify based upon income level and by purchasing property in a low- or moderate-income census tract. Down payment assistance up to $3,600 is available if meeting both of the criteria. The subject property must be in one of the following eligible 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 the qualifying income per 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, Member FDIC. Equal Housing Lender.

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 March 31, 2021, Fifth Third had $207 billion in assets and operated 1,098 full-service banking centers and 2,383 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South 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 March 31, 2021, had $464 billion in assets under care, of which it managed $58 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. Equal Housing Lender.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210608005982/en/

FAQ

What is the new Down Payment Assistance program by Fifth Third Bank (FITB)?

Fifth Third Bank's expanded Down Payment Assistance program provides up to $3,600 to low- and moderate-income families buying homes in qualifying areas.

How much has Fifth Third Bank (FITB) contributed to homebuyer assistance since 2016?

Since 2016, Fifth Third Bank has contributed over $15 million to assist low-income homebuyers.

Who qualifies for the Down Payment Assistance program from Fifth Third Bank (FITB)?

Qualifying borrowers must meet income thresholds and purchase property in low- or moderate-income census tracts.

What impact does home ownership have according to Fifth Third Bank (FITB)?

Fifth Third Bank emphasizes that home ownership is a key way for families to build wealth and stability.

Which states are eligible for the Down Payment Assistance program from Fifth Third Bank (FITB)?

Eligible states include MI, IN, IL, KY, TN, OH, WV, NC, SC, GA, and FL.