Fifth Third Mortgage Helps Homebuyers Make Their Down Payments,New Program offers up to $3,600
Plus Tips to Avoid 5 of the Biggest Mistakes Homebuyers Make
Cincinnati - No homebuyer wants to pay more than they need to. Yet, each year thousands of homebuyers miss out on down payment and closing cost assistance. Fifth Third Mortgage introduces its new Down Payment Assistance Program to help consumers purchase homes.
“We want to help build strong communities,” said Chad Borton, head of the Consumer Bank and executive vice president for Fifth Third Bancorp. “We know that making homes affordable is one of the best ways we can help improve our neighborhoods.”
Fifth Third’s Down Payment Assistance Program offers 3 percent of the purchase price in down payment assistance, up to $3,600, for low-income borrowers or those purchasing in a designated low-income area and financed through Fifth Third. *The program is paired with the Freddie Mac Home Possible Advantage Mortgage, a product with a 3 percent down payment and reduced mortgage insurance premiums. **Fifth Third’s program also can be combined with state and local programs to help consumers take advantage of free money for their down payments.
“You really need someone to guide you through the house hunt and the purchase,” said David Gunn, mortgage sales effectiveness director for Fifth Third Mortgage. “This likely will be the biggest investment you make. We think of ourselves not just as mortgage specialists, but partners in the process.”
Gunn shares five of the biggest mistakes consumers make when buying homes, and tips to avoid them.
*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.
**Home Possible Advantage is a service mark of Freddie Mac.
***Application fee may be collected during the mortgage process but will be credited back on the day of closing. Property must be in one of the following eligible states: MI, IN, IL, MO, KY, TN, OH, PA, WV, NC, GA, FL and located in a Low Income Census Tract.
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. The Company has $142 billion in assets and operates 1,241 full-service Banking Centers, including 95 Bank Mart® locations, most open seven days a week, inside select grocery stores and over 2,500 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2016, had $303 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations.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.