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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.

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