CINCINNATI, Nov. 20 /PRNewswire-FirstCall/ -- The federal government''s recent extension and expansion of tax credits for homebuyers has added more incentive for those looking to buy a home.
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 reaching out to those interested in participating in this buyer''s market.
"The extension of the first-time homebuyer tax credit and the newly-developed tax credit for current homeowners makes this current housing market very hard not to jump into," said Bob Lewis, president of Fifth Third Mortgage Company. "These tax credits offer a boost for those with the dream of homeownership."
Under the new deadline extension of the government''s American Recovery and Reinvestment Act of 2009, both first time and repeat homebuyers must enter a binding contract by April 30, 2010 and close by June 30, 2010. Also, people with higher incomes now can qualify for the credit, with income limits increasing to $125,000 for individuals and $225,000 for married couples.
Along with the up to $8,000 first time homebuyer extension, a new tax credit for up to $6,500 was passed for current homeowners who have owned their home for five consecutive years and are buying a new principal residence.
For more details about the government tax credits and eligibility requirements, visit http://www.irs.gov/ or contact your tax consultant.
The benefit of the first-time homeowner tax credit has been helpful. According to the National Association of Realtors, nearly 1.4 million first-time homebuyers have qualified for the credit through August and 25 percent of these homebuyers wouldn''t have purchased their homes without the credit.
The Mortgage Company has tools for homebuyers to give confidence and knowledge to pursue homeownership. The Company has a Web site, http://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.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers, including 101 Bank Mart® locations open seven days a week inside select grocery stores and 2,360 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 September 30, 2009, has $184 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at http://www.53.com/. Fifth Third''s common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB." Member FDIC. Equal Housing Lender.
Fifth Third Mortgage Company
CONTACT: Whitney Ellis of Fifth Third Bank, +1-513-534-6791
Web Site: http://www.53.com/
