5th 3rd Unveils Immigrant Mortgage Program

Fifth Third Bancorp, Cincinnati, has announced the introduction of a mortgage program designed to increase homeownership opportunities for immigrants who are tax-paying residents of the United States.The Fifth Third Immigrant Homeownership Loan program, available with 30-year fixed-rate and adjustable-rate options, will be introduced in the following Midwestern metropolitan areas on Nov. 8: Cincinnati; Columbus, Ohio; Chicago; Indianapolis; Naples, Fla.; and Grand Rapids, Mich. The program also offers expanded sources of acceptable proof of identification, broader income sources, and nontraditional credit references, the bank said. "We understand that many immigrants are first-time homebuyers, have no formal relationship with U.S. financial institutions, have limited traditional credit histories, and may have difficulty accumulating funds for downpayment," said Stewart M. Greenlee, senior vice president at Fifth Third. The bank can be found online at http://www.53.com.