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Dream It, Own It Loan

The dream starts here for home buyers.

You have a vision. We’ll help you achieve it.

The Dream It, Own It mortgage loan program is designed to help first-time homebuyers or those looking to revitalize a neighborhood. To set up borrowers for success, this specially built mortgage loan requires participants to complete a home-buying education session and pick a property for purchase within certain select geographies.

Perfect for you if:
  • You have never owned a home before.
  • You need a smaller down payment and fewer fees.
  • You plan on purchasing a home for less than $275,000.

Loan Features

  • Requires the purchase to be for primary residences only.
  • Limited down payment required.
  • No borrower paid PMI.
  • Only a 0.50% origination fee.

Loan Benefits

  • Requires less cash upfront for your down payment and closing costs.
  • Down payment and closing costs may come from gift or grant funds, including gifts of equity between family members.

Considerations

  • Loan amounts up to $275,000.
  • Prior to loan closing, the borrowers must complete homeownership counseling with a HUD approved housing counselor or a Homebuyer Education Certification Program.
  • This program is only available for home buyers of properties located within certain geographies for their primary residences only.
  • Be certain to ask your home mortgage consultant 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.
  • Required borrower contribution equal to 3% of loan amount or less in some instances depending on credit score. 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
  • Income
  • Your total assets
  • Monthly expenses
Property Information
  • Estimated purchase price and down payment amount (if buying)
  • Estimated property value and loan amount (if refinancing)
Work with a local mortgage specialist

Loans subject to credit approval.

For a $150,000 mortgage loan for a term of 30 years fixed interest rate of 4.75 %, with an APR of 4.884%, the monthly payment would be $782.47.

Based on 100% loan to value and 0.5% Origination Fee. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. These payments are based on recent interest rates and can vary based on individual credit.

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