Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

Construction Loans NC

Homebuying 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

The thought of building a new home can be daunting. All that planning. All that work.

And all that money.

At First Bank, we can’t design a floor plan or hang drywall, but we can make that last part a little easier to manage. We offer One-Time-Close Construction to Permanent Loans at all of our North Carolina branch locations as a way of financing your lot, construction, and subsequent mortgage all under one easy-to-manage plan.

One-Time-Close Construction to Permanent Loans

Our One-Time-Close Construction to Permanent Loans offer 12 months of financing through the construction phase with the ability to seamlessly convert to your permanent mortgage once your home is completed. The details of our One-Time-Close Construction to Permanent Loans in North Carolina include:

Applying for a construction loan in North Carolina is easy with First Bank. Simply gather your financial and property information, then contact a loan specialist to get the process underway or apply online.

If you need more information about One-Time-Close Construction to Permanent Loans before you take the next step, that’s not a problem. We have a collection of articles, guides, and tips about home building and construction loans that are sure to answer any questions you may have. You may also use our mortgage calculator or find a North Carolina mortgage specialist near you.

First Bank is also happy to offer One-Time-Close Construction to Permanent Loans with flexible terms and competitive rates to businesses.

Let us help you manage the financing of your construction project. We’ll leave the rest up to you. Apply online today.

Loans subject to credit approval.

———

Sources:

Investopedia: http://www.investopedia.com/terms/f/fixedinterestrate.asp

Investopedia: http://www.investopedia.com/terms/a/arm.asp

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

FHA Mortgage Loan Insurance If you’re in the market for a new home, it’s quite likely that you have thought about acquiring mortgage loan insurance through the Federal Housing Administration (FHA). Established in 1934, the FHA has helped millions of people insure their properties. Over the years, especially following the economic crisis of 2008, the FHA has implemented requirements for potential homebuyers. Loan Limits To remain eligible for FHA loan insurance, consumers must fall within the loan limits. These limits are not only divided by state but are also doled out per county. If you’re curious as to what your state’s FHA loan limits are, you can refer to the Federal Housing Administration’s website. Debt-to-Income Ratio This ratio was set to ensure homebuyers do not purchase a property that they cannot afford. By using these calculations, it can be determined whether or not a person has the potential to meet the demands of owning a home.  The ratio is looked at in two different ways: Mortgage payment expense to effective income = Total mortgage payment divided by gross monthly income. The maximum qualifying ratio is 31%. Total fixed payment to effective income = Total mortgage payment added to monthly revolving and installment debt, which is then divided by gross monthly income. The maximum qualifying ratio is 43%. Credit FHA requires that a borrower have good credit standing. In order to receive approval, a lender analyzes the borrower’s past credit performance. Loan approval will likely be declined should the credit history reveal slow payments, poor financial decisions, and delinquent accounts. Other issues are having no credit history, filing for Chapter 7 or Chapter 13 bankruptcy, making late payments, being subjected to foreclosure, and receiving collections, judgements, or federal debts. Apply for an FHA Loan with First Bank You have a friend at First Bank to better understand the loan requirements. We work with the Federal Housing Administration to offer FHA insurance mortgages. In order to quicken the process, you can apply online. Just be prepared with some financial information, such as income, assets, and expenses; you will also have to know the property’s information, like the estimated purchase price and down payment (if buying) or estimated property value and loan amount (if refinancing). ——— Sources: 2 min read
Couple smiling at each other carrying a moving box with boxes in the background Your Mortgage Has Been Approved. Now Keep it That Way. Even though you’ve been approved, you still need to keep your financial situation in order. Here are a few critical pieces of advice to avoid any issues at closing. 3 min read
Save Money with This Refinance Calculator for Home Mortgages When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant savings. Curious to see how much you could save with current rates? Use our refinance calculator for home mortgages to see how you can take advantage of major financial perks. Why Refinance Home Mortgages? Home mortgages are contracts. When the contract is signed, the interest rate selected by the homeowners is locked in until the terms of the contract have been satisfied or revised. The interest rates for home loans fluctuate daily. If interest rates are steadily dropping, homeowners can refinance to save money and improve their financial standing.   Benefits of Home Loan Refinancing Refinancing is a readjustment of your mortgage loan to benefit your finances in the following ways: Lower monthly payments Build home equity faster Improve credit Change to adjustable or fixed-rate plans When homeowners choose to refinance, they can generally expect to pay off their loan faster. 30-year mortgages can be refinanced to 12 or 10-year loans. Although it may sometimes increase the anticipated monthly payment, you can cash in on equity or sell for an increased value. When Is a Good Time to Refinance? When considering refinancing home mortgages, many homeowners weigh the closing costs with the savings achieved over time. It’s also important to think about the length of time you will live at the property. What to Do Next If You Want to Refinance After you’ve reviewed your savings on our refinance calculator for home mortgages, you may be interested in taking the next steps towards refinancing. Before making an appointment with your First Bank loan officer, make sure you have the following information updated: Current mortgage type Payment history Current credit report Outstanding debt Evidence of home renovations Evidence of home improvements/repairs Your loan officer will use this information to determine what kind of refinancing you may qualify for. There are plenty of options, and we can guide you in selecting the best package for your personal goals. Contact us today to apply for mortgage refinancing. *Loans are subject to credit approval ——— Sources: http://www.mortgagecalculator.org/helpful-advice/top-reasons-to-refinance.php http://www.mortgagecalculator.org/helpful-advice/top-reasons-to-refinance.php 2 min read
Shot of an attractive young couple moving house [First Bank Webinar] Homebuyer Happy Hour Event Details: Date: Thursday, January 16, 2025 Time: 6:30 pm to 7:30 pm Location: Zoom Webinar (link provided upon registration) What to Expect: Our First Bank mortgage experts will share general mortgage information along with how the mortgage application process works. Topics covered include: General information: basic mortgage terms and definitions, documentation standards and income calculation Mortgage application process: what to expect, how to prepare Mortgage applicant qualification: loan to value, debt to income ratio and calculations, credit expectations Meet our First Bank Experts: Jarrod Burcham | Mortgage Loan Originator | Greensboro, NC Jarrod pledges professional service and personal attention while finding the right mortgage that fits your needs. Whether you are looking to purchase your first home, build your next, refinance your current home, buy an investment property or purchase a vacation rental, Jarrod will guide you through the home loan process. Monica Moses | Community Mortgage Officer | Apex, NC As Community Mortgage Officer, Monica serves as a liaison for the mortgage loan originators regarding community outreach in underserved markets. One of her focuses is educating potential homeowners by participating in homebuyer workshops in low to moderate income areas. Monica’s role allows First Bank to build connections with minority realtors and builders while enhancing the visibility of our organization. Registrations are now closed – stay tuned for the Q&As from our Homebuyer Happy Hour! Our knowledgeable panel shared their experiences and provided actionable insights during our Homebuyer Happy Hour to help you make informed decisions about homebuying. We will be posting the Q&As from the session to view on our website soon so you won’t miss any valuable expert insights. Keep an eye on our website for updates, and feel free to reach out to one of our loan officers if you have any mortgage questions. 2 min read