Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

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.

Trending Topics

Best Banking Rates and Services: First Bank, NC

When looking for a home, it makes sense to perform a checking account comparison to find the perfect place. First Bank has two locations in Sanford, NC, to house your…

Checking Account Comparison – Asheville, NC

Learn what to look for when comparing checking accounts and see how First Bank in Asheville, NC stacks up. Before committing to a checking account, it's important to know what…

Small Personal Loans – South Carolina

Small personal loans are just one of the ways First Bank serves the financial needs of our South Carolina customers. South Carolina's First Bank is more than just a place to…

High Interest Checking Accounts – North Carolina

A high interest checking account in North Carolina can offer a safe and steady solution for those who want to grow their money without risking the stock market or an…

Your Community Bank – Asheville NC

At First Bank, we believe that part of being your community bank in Asheville, NC, means offering services that meet the needs of everyone. From checking and savings accounts to…

Small Business Loan Rates – Wilmington, NC

If you are thinking about starting a small business in Wilmington, NC, you have probably researched small business loan rates in the area. The charming historic riverfront, beautiful local beaches, and…

Get a Stress-Free Student Checking Account at First Bank in Wilmington, NC

If you are a college student in Wilmington, North Carolina, you’re probably more worried about studying than paying attention to your checking account. First Bank get it — we offer a…

Banks That Offer Personal Loans

There are hundreds of banks that offer personal loans, but sometimes choosing a bank that is the right fit you can be difficult. That's where First Bank comes in.  At…

Mobile Merchant Account – First Bank

Credit and debit card processing is one of the most important parts of doing business today. First Bank’s mobile merchant account services provide your business with a way to accept…

Savings Account – South Carolina

If you live in South Carolina and are looking for a savings account, your local First Bank can help. We offer savings accounts to meet a variety of needs, and we are dedicated…