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Friday, September 24, 2021

Fifth Third Bank Mortgage Review

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Fifth Third Bank of Cincinnati is a financial institution with branches in a handful of states. The regional bank offers traditional products and services, such as conventional loans, Federal Housing Administration loans, Department of Veterans Affairs loans and some specialized mortgages.

  • Income and profession-based loan programs
  • Down payment assistance program
  • Several mortgage loan options

  • Lacks loans in all states
  • Offers no U.S. Department of Agriculture loans
  • Requires speaking with a loan specialist before you can apply

Fifth Third provides many types of mortgages, including:

  • Conventional
  • Adjustable-rate mortgages
  • FHA
  • VA
  • Home equity loans
  • Home equity lines of credit

The lender also has a down payment assistance program for homebuyers who meet income and property location requirements.

Credit score requirements can vary based on the loan program you choose, but Fifth Third may accept credit scores as low as 600. The lender doesn’t reveal its maximum debt-to-income ratio but recommends 43% or less to be an attractive loan candidate.

You can expect closing costs to run between 2% and 5% of the home’s purchase price. But if you qualify for the lender’s programs for down payment assistance or community mortgages, you may be able to get help with your closing costs.

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

Fifth Third has an A+ rating with the Better Business Bureau and is a BBB-accredited company.

The Consumer Financial Protection Bureau received 246 mortgage-related complaints in 2020 about Fifth Third Bank. The most common complaints involved:

  • Having trouble during the payment process
  • Applying for or refinancing a mortgage
  • Struggling to pay a mortgage

Each complaint but one received a timely response.

After your mortgage closes, you can manage your loan online through the bank’s website.

  • Homebuyers who live in a state where the bank does business
  • Homebuyers who need down payment or closing cost assistance
  • Physicians and dentists seeking special financing options

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