Fifth Third Bank Gives Close to $1 Million in Down Payment Assistance
The path to home ownership—a highlight of the American dream—is one full
of obstacles. For many, the biggest obstacle is saving for a down
payment. Most millennials, for instance, have less
than $1,000 in savings for a down payment. And the trend is similar
for low-to-moderate income families.
To eliminate that barrier—and invest in communities while attracting new
groups of customers—Fifth Third Bank created the Fifth Third Down
Payment Assistance program. The program opens up the home buying process
to those who can afford a monthly mortgage, but struggle to save
thousands for a down payment. It offers 3 percent of a home’s purchase
price—up to $3,600—for low-income borrowers or those purchasing a home
in a designated low-income area and financed through Fifth Third Bank.
It’s money that doesn’t have to be paid back, and it can be combined
with other down payment assistance programs offered at the state and
local level*.
“We see how lives are changed through home ownership,” said Fifth Third
Bancorp President and CEO Greg Carmichael. “And we see how communities
are changed as families invest in neighborhoods.”
Alaysyah Yahyisrael experienced firsthand how the program can change
lives.
Yahyisrael wanted a home with space for her family and a yard for their
dog. While she was tired of renting small spaces that didn’t meet her
family’s needs—and spending a large portion of her monthly income on
rent payments that could otherwise be used toward building equity in a
home—she didn’t think home ownership was a possibility for her because
of high down payment requirements.
Today, she’s the proud owner of a four-bedroom home that’s close to her
3-year-old son’s daycare and just a short commute to her job with FedEx.
There’s room for the dog to play outside, too. She only had to bring
$194 to closing—down payment and all—because of the Fifth Third Bank
Down Payment Assistance Program.
Working In Neighborhoods, a community development organization that
renovates homes and provides homebuyer education and leadership
development, referred Yahyisrael, and many other prospective home
owners, to Fifth Third specifically because of the Down Payment
Assistance Program.
“We are grateful for Fifth Third’s investment in homeowners like
Alaysyah,” said S. Barbara Busch, executive Director of Working In
Neighborhoods. “When community residents become first-time homeowners,
our neighborhoods become more stable and attract even more homeowners.”
Fifth Third is partnering with 145 community organizations across its
ten-state footprint to implement the Down Payment Assistance Program and
other initiatives that are part of the Bank’s $30 billion commitment to
provide lending, investments and community development over the next
four years in low- and moderate-income communities.
To date, Fifth Third has awarded nearly $1 million in down payment
assistance since the program’s launch a year ago. The average assistance
is $2,900.
“Fifth Third’s Down Payment Assistance program helps families with that
obstacle that can keep many people out of the housing market,” said Ed
Robinson, head of Fifth Third Mortgage. “We give families that little
lift they need so that they can purchase a home.”
*To be eligible for the down payment assistance of 3%, up to $3,600,
the property must be in one of the following eligible states: MI, IN,
IL, KY, TN, OH, 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. Down payment assistance may be
taxable as income and reported to the IRS. Consult your tax advisor. Not
available with all products.
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.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of June 30, 2017, the Company had
$141 billion in assets and operated 1,157 full-service Banking Centers
and 2,461 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Wealth & Asset Management. As of June 30, 2017,
Fifth Third also had a 17.7 percent interest in Vantiv Holding, LLC.
Fifth Third is among the largest money managers in the Midwest and, as
of June 30, 2017, had $330 billion in assets under care, of which it
managed $34 billion for individuals, corporations and not-for-profit
organizations through its Trust, Brokerage and Insurance 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.
Member FDIC, Equal Housing Lender.
Fifth Third Bancorp
Laura Trujillo, 513-534-4361
Laura.trujillo@53.com