New Fifth Third Mortgage Program Offers $1,000 for Closing Costs on VA, FHA, 203K, USDA Mortgages | New


Fifth Third Bank, National Association, is committed to improving and strengthening communities. To support affordable housing options, Fifth Third announced that it will pay $1,000 towards closing costs for VA, FHA, 203K, and USDA Owner Occupied Purchase and REFI loans. This will reduce the amount of money needed for closing and can be combined with other down payment assistance programs. This program is available through November 15 across Fifth Third’s customer footprint.

“These benefits to support the American dream of homeownership are even more powerful when used together or in addition to our Fifth Third down payment assistance program,” said Jay Plum, head of mortgages for Fifth Third Bank. “By advising clients on the best product and carefully structuring transactions to take advantage of all available programs, we have the ability to change lives every day. We’re proud to stand by our clients all the way to the closing table.

Learn more about Fifth Third’s Down Payment Assistance Programs, Community Mortgages or FHA Loans.

Fifth Third also provides the following tips for those in the market to buy a home.

Buy versus rent

Should I rent or should I buy? There are a variety of factors to consider.

Generally, if you plan to stay for the next 5-7 years, buying a house may be a better long-term solution. On the other hand, if you are planning to move in the near future, renting may be the best choice.

Home ownership comes with a variety of benefits, including the ability to paint, plant, and make alterations and renovations. As a general rule, this is not allowed when you are renting. Plus, when you own a home, it helps build equity and you may be able to deduct mortgage interest from your taxes.

Surprising to some, buying a home is usually cheaper than renting, depending on location.

Ultimately, you have to weigh the pros and cons of buying versus renting, but Fifth Third also offers a Rent vs. Buy calculator to help you out.

Steps for first-time home buyers

Every first-time home buyer wants something different. Some care about the quality of the schools, others appreciate the nearby shops and restaurants. Once these priorities are set, here are some steps a new homebuyer can take:

Step 1

Know your real estate finance team: When shopping for a home, it’s important to know the team you’re working with, including a real estate agent and a banker. They will work in partnership with you, answer your questions and guide you every step of the way. Their goal is to get you the keys to your dream home. They can help you determine if you’re really ready to buy a home and what steps need to be taken. They’ll also help you figure out what’s affordable for you and what you’re eligible for — and prequalify you.

Be sure to work with an experienced real estate agent who understands the market you are looking for. They will understand current market trends that will affect your ability to make a solid offer on a home.

2nd step

Start shopping: Now that you’re ready to buy, it’s time to find your dream home. That’s the fun part! The only challenge is keeping track of all the characteristics of all the houses you see in your search. Our advice is simple: take notes and take pictures. Also consider maintenance costs and whether you want or need to do any renovations.

Step 3

Make the Offer: Now that you’ve found the home you want, it’s time to make an offer. Your real estate professional can help you make an offer to the seller (in most areas this is called a purchase agreement or purchase agreement). The seller then has a specific time to review the offer and either accept it or submit a counter-offer to you. Once you and the seller have reached an agreement and the offer is accepted, you are ready to finalize your financing.

Step 4

Applying for a Mortgage: If you’re buying your first home, remember that the mortgage you choose is just as important as the home you choose. It is therefore important that you work with the right mortgage lender.

There is down payment assistance (DPA) 2 and other tools to help you access housing. For example, fifth tier customers may be eligible for down payment assistance if they qualify based on their income level and purchasing a property to use as a primary residence in a low or moderate income census tract. . Down payment assistance up to $3,600 is available.

Fifth Third’s Community Mortgage1 aims to make homeownership more accessible to more people. Low-income families often face multiple hurdles to buying a home, with saving for a down payment and paying closing costs topping the list. This is where the community mortgage can make all the difference. This mortgage reduces the amount of money buyers need for a down payment to 3% of the purchase price, while providing eligible buyers with a credit they can use towards closing costs.

Step 5

Closing time: The worst is over, and it’s almost time to open the door to your new home. There are still a few important details to settle. At closing, the loan documents are signed, the loan cost balance is calculated, the funds are disbursed, and the transaction is completed. Then you will receive the keys to your new home. Fifth Third offers a post-closing document to help you with this process.

Loans are subject to credit review and approval. Fifth Third Bank, National Association, 38 Fountain Square Plaza, Cincinnati, OH 45263, NMLS # 403245, FDIC Equal Housing Lender. Fifth Third and Fifth Third Bank are registered service marks of Fifth Third Bancorp.

About the fifth third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2022, the company had $211 billion in assets and operated 1,079 full-service banking centers and 2,201 Fifth Third-branded ATMs in Ohio, Kentucky, Indiana, Michigan, Florida. Illinois, Florida, Tennessee, West Virginia, Georgia, the North. Carolina and South Carolina. In total, Fifth Third offers its customers access to approximately 54,000 free ATMs across the United States. Fifth Third operates four primary businesses: commercial banking, branch banking, consumer lending, and wealth and asset management. Fifth Third is one of the largest fund managers in the Midwest and, as of March 31, 2022, had $549 billion in assets under management, including $61 billion for individuals, corporations and nonprofits. through its trusts and registered companies. Investment advisory firms. Investor information and press releases can be viewed at The common stock of Fifth Third trades on the NASDAQ® Global Select Market under the symbol “FITB”.

1 To be eligible for the fifth community mortgage, the property must be a primary residence of a dwelling in one of the following eligible states: FL, GA, IL, IN, NC, OH, TN, WV, KY, MI and the borrower’s annual gross qualifying income is equal to or less than 80% of the regional median income (AMI). Available for a 30 year fixed mortgage only. Adjustable Rate Mortgages (ARMs) do not qualify. 97% loan-to-value (LTV)/105% combined loan-to-value (CLTV). Maximum loan amount of $250,000. Homebuyer education is required by at least one qualifying borrower. The borrower must contribute at least $500 of equity. The fifth third community mortgage includes an origination fee of 0.25% (of the loan amount) and an application fee. Manual subscription only.

2 Down payment assistance may be taxable as income and reported to the IRS. Consult your tax advisor. Not available with all loan products.

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CONTACT: Beth Oates (Media Relations)

[email protected]| 313-230-9002

Chris Doll (Investor Relations)

[email protected]| 513-534-2345



SOURCE: Fifth Third Bank

Copyright BusinessWire 2022.

PUBLICATION: 06/15/2022 08:30 / DISK: 06/15/2022 08:32

Copyright BusinessWire 2022.

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