Fifth Third Bank

News Release

 

Fifth Third Mortgage Company: Helping New Homebuyers Before Government Incentives End

09/28/09

Government’s tax credit for new homebuyers to end November 30th

From tax credits to historically low mortgage rates to attractive home prices, first-time homebuyers are actively looking to get a piece of the American Dream. Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank and the 18th largest provider of mortgage financing in the country (Inside Mortgage Finance, second quarter 2009), is committed to helping first-time homebuyers reach their goal.

With mortgage loans typically taking 30 to 45 days to close, the Mortgage Company is urging first-time homebuyers to submit mortgage applications by October 15 to have the necessary time to meet the November 30 deadline for the American Recovery and Reinvestment Act of 2009 first-time homebuyer tax credit of up to $8,000. The government definition of first-time homebuyers includes anyone who has not owned a home in the past three years.

"Fifth Third Mortgage is focused on helping first-time homebuyers close their home loan in time to still be eligible for the government tax credit," said Bob Lewis, president of Fifth Third Mortgage Company. "The clock is ticking to take advantage of these great opportunities."

The Mortgage Company has tools for first-time homebuyers to give confidence and knowledge to pursue homeownership. The Company has a Web site, www.53.com/mortgagedream, which provides information about loan options. The site also includes mortgage tools, including a home valuation model and an affordability calculator to help determine a comfortable monthly mortgage payment.

Over the past 18 months, Fifth Third Mortgage Company has financed more than 16,000 loans to first-time homebuyers totaling nearly $2 billion. In the first seven months of this year, the Company financed nearly $1.05 billion in loans for first-time homebuyers. Visit your local Fifth Third Banking Center and speak to a Mortgage Loan Originator to find more information for first-time homebuyers. For more details about the government tax credit and eligibility requirements, visit www.irs.gov or contact your tax consultant.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $116 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers, including 100 Bank Mart locations open seven days a week inside select grocery stores and 2,371 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2009, has $180 billion in assets under care, of which it managed $24 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB." Fifth Third Bank, Member FDIC.