Fifth Third Mortgage, a division of Fifth Third Bank, has more than doubled its down payment assistance program that targets low-income buyers and those buying in low-income areas. Up to $7,500 is now available.
Low-income buyers who buy in low-income areas can qualify for up to $7,500 in assistance. Low-income buyers in other areas or buyers purchasing in low-income areas can qualify for up to $5,000 in assistance.
Fifth Third, based in Cincinnati, Ohio, examined the biggest financial obstacles to home ownership, including assembling a down payment and paying closing costs. It determined many potential home buyers could afford monthly payments and upkeep for a home but could not save enough for initial buying expenses.
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. These programs, which paid up to $3,600 in down payment and closing costs, have helped more than 3,200 people in the past four years.
Read more about the down payment assistance program and its restrictions.