Press release
Fifth Third Expands Down Payment Assistance to Help More Buyers
Bank Provides an Affordable Path to Home Ownership CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, today announced an expansion to its
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[{"type":"text","content":"\nBank Provides an Affordable Path to Home Ownership\n\n CINCINNATI--(BUSINESS WIRE)--\nFifth Third Bank, National Association, today announced an expansion to its Down Payment Assistance program to help reach more homebuyers. The program will provide up to $3,600 toward a down payment for families with low- and moderate-incomes and those purchasing homes in low-and moderate-income communities.*\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210608005982/en/Jay Plum, head of mortgage for Fifth Third (Photo: Business Wire)\n“We understand how important home ownership is to helping families build their personal wealth,” said Jay Plum, head of Fifth Third Mortgage. “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.”\n\nFifth Third examined the biggest financial obstacles to home ownership, including saving for a down payment. 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, especially in low- and moderate-income communities.\n\n“Home ownership is one of the strongest ways families can build their wealth and pass it on to the next generation,” Plum said. “Fifth Third wants to help customers get into an affordable property that will grow along with them.”\n\nSince 2016, Fifth Third has given more than $15 million to low-income buyers or those buying in low-income areas to help purchase homes, helping more than 4,500 people achieve the American dream in the past five years. Based on this performance, Fifth Third is expanding the program to meet the needs of both low and moderate-income buyers looking to purchase a home in low- and moderate-income areas.\n\n“Helping people buy homes and move into stable housing helps strengthen all of our communities,” said Kala Gibson, chief enterprise corporate responsibility officer and head of business banking for Fifth Third. “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.”\n\nThe income tract is determined by the federal government through U.S. ...