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You’ve got your sights set on owning your home. We’ll help you see it through.
With a Fixed‑Rate Dream It, Own It mortgage loan, you can own your home with lower costs and a smaller down payment. Whether this is your first home or your dream home, you’ll enjoy a consistent monthly payment to help you budget. Plus the home‑buying education session will help you know what to expect.
Perfect for you if:
- You want fewer fees and a low down payment.
- You’re searching for a home that’s $325,000 or less.
- You are looking to build your credit.
Loan Features
- Home must be for buyer’s primary residence only.
- Limited down payment required.
- Mortgage insurance is not required.
- Only a 0.5% origination fee.
Loan Benefits
- Pay less cash upfront for your closing costs and down payment.
- Down payment and closing costs may come from gift or grant funds, including gifts of equity between family members.
Considerations
- Loan amounts up to $325,000.
- Prior to loan closing, the borrowers must complete homeownership counseling with a HUD approved housing counselor or a Homebuyer Education Certification Program.
- The property being purchased must be located in counties included in First Bank’s Community Reinvestment Act (CRA) Area. Contact us for additional information, or to determine if your property is in an eligible location.
- Eligibility is subject to specific property location and borrower income restrictions.
- Be certain to ask your Loan Officer to help you compare the overall costs of all mortgage loan products, including the monthly and long‑term costs of home upkeep.
Terms
- Fixed rate term for 30 years.1
- Required borrower contribution of at least 3% of purchase price. Gift funds may constitute all but $500 of the required contribution.
Apply online today
Applying for a First Bank mortgage is fast, easy and secure. Before you begin, have the following information on hand.
Financial Information
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Income
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Your total assets
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Monthly expenses
Property Information
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Estimated purchase price and down payment amount (if buying)
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Estimated property value and loan amount (if refinancing)
Ready to get started?
Work with a local mortgage specialist
Loans are subject to credit approval. Loan product subject to change.
1For a $325,000 mortgage loan for a term of:
- 30 years interest rate of 7.625%, with an APR of 7.791%, the monthly payment would be $2,231.32.
Calculation is based on a 97% LTV loan to value and a .50% Origination Fee. Payment does not include taxes and insurance premiums. The actual payment amount will be higher. These payments are based on recent interest rates and can vary based on individual credit. Loan product subject to change.