Fifth Third Bank is making it easier for low-income borrowers to buy a home.
Last year, Fifth Third rolled out a new mortgage lending program that provides as much as $1,500 that low-income borrowers or borrowers buying a home in a low-income community can use to cover their closing costs.
That money could be combined with the bank’s down payment assistance program, which provides up to $3,600 to those same borrowers.
But now, the bank is more than doubling its down payment assistance.
Fifth Third announced Monday that it is expanding its down payment assistance program and will now provide as much as $7,500 for qualifying borrowers.
According to the bank, the expanded down payment assistance is available to low-income borrowers or borrowers buying a home in a low-income community.
“We want to help build strong communities,” said Chris Shroat, head of Fifth Third Mortgage. “We know that making the purchasing of an affordable home achievable is one of the best ways we can help improve our neighborhoods.”
Fifth Third is based in Ohio and has branches in Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina.
And this program is available to qualifying borrowers in those states.
According to the bank, 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.
The bank stated that these programs, which paid up to $3,600 in down payment and closing costs, have helped more than 3,200 people buy a home in the last four years.
And now, the bank is expanding that program. According to the bank, low-income buyers or buyers purchasing in low-income areas can qualify for up to $5,000 in down payment assistance. Low-income buyers who buy in low-income areas can qualify for up to $7,500 in assistance.
“Helping people buy homes and move into stable housing helps strengthen all of our communities,” said Byna Elliott, chief enterprise responsibility officer. “We are proud to increase our down payment assistance program to help make an even greater impact in the lives of our customers.”