Fifth Third Bank Expands Down Payment Assistance Program

Fifth Third Bank expanded its Down Payment Assistance program to reach more homebuyers. The program will provide up to $3,600 towards a down payment for families with low to moderate income.

After examining the biggest financial obstacles to home ownership, it was apparent that buyers could afford monthly payments but not the initial purchase expenses, especially in low to moderate income communities. 

Jay Plum, head of Fifth Third Mortgage, said, “We understand how important home ownership is to helping families build their personal wealth. 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.”

In the past 5 years, Fifth Third Bank has donated more than $15 million to 4,500 low-income buyers and those buying in low-income areas. Those currently looking for assistance on their down payment must be buying property in one of the following eligible states: Michigan, Indiana, Illinois, Kentucky, Tennessee, Ohio, West Virginia, North Carolina, South Carolina, Georgia, and Florida. 

“Helping people buy homes and move into stable housing helps strengthen all of our communities. 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,” said Kala Gibson, chief enterprise corporate responsibility officer and head of business banking for Fifth Third. 

Potential low to moderate income buyers may get in touch with a Fifth Third Bank mortgage originator to see if they qualify for the credit. More investor information and news on Fifth Third Bank can be found here.