A new program has just been launched by an Ohio bank, and it’s not just for Ohio first time home buyers. This program is exclusively for low-income homebuyers, whether they be first-timers or not.
The Columbus Dispatch reports:
Fifth Third Bank has launched a program to help boost home sales in depressed neighborhoods and among low-income buyers.
The bank unveiled its “Community Reinvestment Mortgage Special,” which pays some closing costs for low-income buyers and for any buyers in low-income neighborhoods.
Under the program, Fifth Third will pay processing, underwriting and application fees for qualifying buyers. Savings could range from $600 to $2,000, but most central Ohio borrowers will save $1,050, said Bob Brokaw, senior vice president for mortgage with Fifth Third in central Ohio.
Buyers can qualify for the help in two ways:
By purchasing a home in a low-income neighborhood. Buyers can learn if a home is in a low-income neighborhood by speaking with a Fifth Third lender or by entering an address into the map function of the Federal Financial Institutions Examination Council website, www.ffiec.gov.
By having a household income less than 50 percent of the area’s median income. In central Ohio, the median income is $71,000, so those earning less than $35,500 are eligible, assuming they otherwise qualify for a loan.
>> read the full article at dispatch.com