Quantcast

Fifth Third Expands Down Payment Assistance to $7,500 for Qualified Buyers

3/25/2020, noon | Updated on 3/25/2020, noon
Fifth Third Bank, National Association, recently announced an expansion to its Down Payment Assistance program that will now help pay ...
Byna Elliott

Fifth Third Expands Down Payment Assistance to $7,500 for Qualified Buyers

Fifth Third Bank, National Association, recently 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.”

“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 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.

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’s 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.