Fifth Third Bank has expanded its mortgage down payment assistance program in order to help pay up to $7,500 toward a down payment and closing costs for qualified buyers. The program is designed for low-income families and those purchasing homes in low-income communities.
Fifth Third examined the biggest financial obstacles to homeownership, including assembling a down payment and paying closing costs. 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.
The program is a 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 acquire homes in the past four years.
Based on this performance, Fifth Third says low-income buyers or buyers purchasing in low-income areas can now 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.)