Where Your Locally Spent Dollar Goes [Infographic]

In a recent article, we dug into the “shop local” trend. To help highlight the key facts, we created this handy infographic.

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First Bank and Northern Moore Family Resource Center – “Dream It. Do It.” First Bank has partnered with Northern Moore Family Resource Center (NMFRC) for the final quarter of its "Dream It. Do It." contest. 1 min read

Community Bank for Small Business Since 1935, First Bank has been the go-to community bank for small business owners. Our first branch opened in Troy, NC, where we helped farmers and local business owners manage their funds. We have continued to evolve to meet the needs of our customers, and today we are the top choice for businesses across North Carolina and South Carolina. A Community Bank That Cares About Small Businesses Not all businesses are the same, and we are a community bank with community values that strives to anticipate and meet your needs. Small business owners will find that we offer multiple banking options to fit their needs. Banking: Our checking and savings accounts are designed to accommodate businesses at any level. They range from the most basic Business Essentials plan, to our most advanced Business Advantage Plus plan. Online & Mobile Banking: A business account with First Bank gives you access to our free online and mobile banking services. Quickly and easily manage your funds from your computer or mobile device. Loans & Credit: Whether you are just getting started or constructing your second office, we have options to fit your needs. We offer loans, mortgages, and lines of credit with flexible terms and competitive rates. Merchant Services: With state-of-the-art transaction processing services, we make processing credit cards, debit cards, gift cards, and electronic checks easy for your business. Treasury Services: From deposit services to payroll direct deposit, we offer a wide range of cash management services to enhance your business. SBA Loans: This government-sponsored small business loan features flexible terms and competitive rates when traditional bank financing isn’t an option. We are a community bank for small business owners, so we understand that growing a business takes work. FitSmallBusiness recently rated us as one of the best SBA lenders in the nation. Let us handle the money so you can get down to business. Click here to find a branch near you. Account service fees may apply as described in the Account Services Fee Schedule or at your local branch. Sources: FitSmallBusiness.com:https://fitsmallbusiness.com/best-sba-lender/ 2 min read

Where Your Locally Spent Dollar Goes [Infographic] An illustrated look at what happens when you spend a dollar or two in your hometown. 1 min read

FHA Loans 101: 3 Major Requirements If you have a strong understanding of the FHA loan requirements, you’ll experience a quicker and smoother loan application process. FHA loans provide homebuyers of all income levels the opportunity to purchase a home with lenient qualifying terms and lower down payment requirements. There are, however, three major requirements that prevents people from purchasing an unaffordable home. Three Major Requirements Debt-to-Income Ratio:There are two debt-to-income ratio requirements that FHA lenders will look at in order to determine if a buyer can afford a home: Mortgage payment expense to effective income: Add your total mortgage payment and divide it by your gross monthly income. The maximum ratio to qualify is 31%. Total fixed payment to effective income: Add your total mortgage payment and all recurring monthly debt and divide it by your gross monthly income. The maximum ratio to qualify is 43%. FHA Credit: FHA loans are more lenient when it comes to qualifying terms, but there are still certain credit requirements applicants must meet. If you have no credit history, filed for bankruptcy, have a history of late payments, been foreclosed on, or sent to debt collections, it will be harder to get approved for a loan. Application: Aside from financial requirements, there are a few FHA loan application requirements buyers must meet and present to their loan officer: Address (past two years) Social Security number Names and location of your employers (past two years) Gross monthly salary at your current job(s) Information for all checking and savings accounts Information for all open loans Complete information for other real estate you own Approximate value of all personal property Certificate of Eligibility and DD-214 (for veterans only) Current check stubs and your W-2 forms (past two years) Personal tax returns (past two years), current income statement, and business balance sheet for self-employed individuals If you understand the FHA loan requirements and are ready to apply for a loan, you can apply online with First Bank.* Have more questions about FHA loans? Visit the FHA’s website, or contact your local First Bank branch to learn more. *Equal Housing Lender. NMLS #474504. Loans subject to credit approval. ——— Sources: http://www.fha.com/fha_requirements_debt http://www.fha.com/fha_requirements_checklist http://www.fha.com/ 2 min read

Where Your Locally Spent Dollar Goes [Infographic]

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