Banktown Foreclosures

100% Finance Option offered by Fifth Third Bank - loan option for First Time Homebuyers.

Terms and conditions below

The Pros:

1.       Purchase price up to $220,000 on new construction and $210,000 on existing

2.       Credit scores down to 600

3.       You can use the program without DPA and get a below market rate of 4.25% on a 30 year fixed loan

4.       DPA options of $4,000 and $8,000

5.       $4,000 option has a credit score requirement of 680 and higher income limits

6.       $8,000 option is geared towards lower income buyers

The cons:

1.       Must be first time homebuyer

2.       Income limits

a.       $4,000 DPA

i.      1-2 person household  $66,000

ii.      3+ household $76,000

b.      $8,000 DPA

i.      1 person household $37,650

ii.     2 person household $43,000

iii.      3 plus household  $48,400

3.       All household income must be included

a.       For example- elderly parents live in home and collect social security then that income must be counted

b.      Spouse not on loan but living in home then their income is counted

4.       To be considered first time homebuyer you cannot have claimed mortgage tax or interest on your federal tax returns for the last three years

5.       Rate with $4,000 DPA 4.95%

6.       Rate with $8,000 DPA 5.25%

The first mortgage can be a FHA, VA, USDA, or conventional mortgage. 

Bobby Downey

Senior Mortgage Loan Officer

Fifth Third Mortgage

704-554-2462 phone

843-847-1758 cell

704-817-5922 fax