Press release
New Fifth Third Mortgage Program offers $1,000 toward closing costs for VA, FHA, 203K, USDA mortgages
Bank supports American dream of homeownership, offers tips for renting versus buying, steps for buying a home CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank,
About this update from Fifth Third Bancorp
[{"type":"text","content":"\nBank supports American dream of homeownership, offers tips for renting versus buying, steps for buying a home\n\n CINCINNATI--(BUSINESS WIRE)--\nFifth Third Bank, National Association, is committed to improving and strengthening communities. To support affordable housing options, Fifth Third has announced it will pay $1,000 toward closing costs for VA, FHA, 203K and USDA Owner Occupied Purchase and REFI loans. This will lower the amount of cash needed for close and can be combined with other down payment assistance programs. This program is available until Nov. 15 across Fifth Third’s customer footprint.\n\n“These benefits to support the American dream of homeownership are even more powerful when used together, or in addition to, our existing Fifth Third down payment assistance program,” said Jay Plum, head of Mortgage for Fifth Third Bank. “By advising customers on the best product and carefully structuring transactions to take advantage of all programs available, we have the ability to change lives every day. We take pride in being side by side with our customers all the way to the closing table.”\n\nLearn more about Fifth Third’s down payment assistance programs, Community Mortgage or FHA loans.\n\nFifth Third also provides the following tips for those in the market to buy a home.\n\n\n\n\n\n\n\nBuying versus renting\n\n\n\n\n\n\n\n\n\nShould you rent or should you buy? There are a variety of factors to consider.\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\nAs a rule of thumb, if you’re planning on staying for the next 5-7 years, then buying a home may be a better long-term solution. On the other hand, if you’re thinking about moving in the near future, renting may be the better choice.\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\nThere are a variety of benefits of homeownership, including having the ability to paint, plant and make changes and renovations. Typically, that is not allowed when you rent. Also, when you own a home, it helps grow equity and you may be able to deduct mortgage interest on your taxes.\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\nSurprising to some, buying a home is typically cheaper than renting, depending on the location.\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\nUltimately, you should weigh the pros and cons of buying or renting, but Fifth Third also offers a rent versus buy calculator to help.\n\n\n\n\n\n\n\n\n...