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Dream It, Own It

Perfect for first-time homebuyers throughout the Carolinas, First Bank introduces the Dream It, Own It mortgage loan program. This specially-built mortgage loan requires participants to complete a home-buying education session and pick a property for purchase within certain select geographies.

Details

Features

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

Benefits

  • Requires less cash upfront for your down payment and closing costs.
  • Available for all income levels.
  • 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

To find the nearest home-buying education session and to learn more about the Dream It, Own It mortgage loan program, contact your local mortgage loan originator or request a free consultation.

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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