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First Time Homebuyer

Relax … it’s time to get moving.

Purchasing your first home can be intimidating, scary and stressful. If you are purchasing your first home in South Carolina or North Carolina, our First Time Homebuyer Program may be the perfect fit for your mortgage needs.

No PMI

We never charge PMI (Private Mortgage Insurance) on any of our Mortgage products.

No Origination Fees

Pay No Origination Fees With Our First Time Homebuyer Program1
 

Low Rates

We offer some of the lowest fixed and adjustable rates on the market.


Up to 100% Financing

Finance the full purchase price of your home.


Up to $300,000 Maximum Loan Amount

Finance up to $300,000 with no minimum Mortgage amount.

Founders Insurance Services2

Our qualified agents can help you find homeowners insurance options for your needs.

  • Find out if you are ready to buy a home!

    It’s not always the right time to buy a home – and that’s ok! Sometimes after reviewing your financial situation and goals, it’s better to continue your current path.

    As a First Time Homebuyer, you may need to establish your credit more before purchasing your first home. Building your credit takes some work, but taking out an auto loan or using a credit card regularly and making regular payments could help build your credit.

    No matter what happens on your path to homeownership, Founders is here to answer your questions every step of the way. Our Mortgage Loan Officers will be honest with you and you can trust they are working for you and in the best interest for your future. To speak with a Mortgage Loan Officer call 1-800-845-1614.

  • Questions to keep in mind during the homebuying process.

    How much home can I afford?

    Click here to use our loan calculators and find out how much home you can afford. As a general rule of thumb, the purchase price of your home should not be higher than three times your annual household income.

    How much house do I need?

    Determining how many bedrooms, how big of a backyard and how much space you need are a few things to consider before beginning your home search.

    What kind of home do you want to buy?

    There are many types of homes – a home in a neighborhood, a townhome in a development, a condo in a building, and many more. Knowing the type of home you want to buy is important so you can understand the additional fees you may incur. Homes in neighborhoods could have Homeowners Association dues, which could be a costly expense.

    What can’t I buy with Founders First Time Homebuyer Program?

    Our First Time Homebuyer Program does not include mobile homes or building a custom home. We do have products available for these types of homes and a Mortgage Loan Officer will be glad to help you find the right product for you. To speak with a Mortgage Loan Officer call 1-800-845-1614.

    What other responsibilities come with home ownership?

    As a homeowner, you are responsible for all aspects of that home – the home itself, the yard or land the home is on, and all the things that make the home function. This includes appliances, heating and cooling units and more. It’s always a good idea to have extra money in savings and available in case one of these expensive items needs to be repaired or replaced.

  • Financial benefits of owning a home.

    Build equity

    You can build equity in your home and increase your overall financial assets if your property value increases.

    Tax Benefits

    You may be able to deduct mortgage interest and property taxes for tax benefits. Consult with your tax advisor regarding tax deductibility.

    Build credit

    You can build your credit by making your mortgage payments on time.

  • Think you’re ready to buy?

    Make sure you are financially prepared.

    Saving for a down payment for buying a house can take years, but remember the higher your down payment is, the less you will need to finance. Founders First Time Homebuyer Program only requires the applicant has a minimum of $1,000.00 in the transaction. This minimum includes closing costs, prepaids or a down payment.

    Review your current financial bills and debts.

    While securing your mortgage loan, it’s a good idea to pay outstanding bills and not take out any new debt.

    Get prequalified.

    A Founders Mortgage Loan Officer can help you with the preapproval process so you can find out how much you can borrow when purchasing your first home. To speak with a Mortgage Loan Officer call 1-800-845-1614.

  • Check out our Mortgage Loan options.

    First Time Homebuyer Program

    • 100% Financing
    • No PMI (Private Mortgage Insurance)
    • No origination fee or points
    • Up to $300,000 maximum loan amount
    • Rates as low as 4.02%

    Adjustable Rate

    • With an adjustable rate, mortgage payments are typically lower at the beginning of the loan term, but could increase at specified times during the life of the loan.
    • Interest Rate can change throughout the life of the loan and can go up or down, based on current market conditions.
  • What’s next?

    Even if you apply for your Mortgage Loan online, a Mortgage Loan Officer will reach out to you regarding the details of your request and to review your credit report. Our trained Mortgage Loan Officers are also able to review your situation and make sure you are getting the right Mortgage for your financial situation.

    To keep the application process as smooth as possible, be sure you sign and return any required documents to your Mortgage Loan Officer quickly.

    Our Mortgage Loan Officers will continue to communicate with you every step of the way including when appraisals need to be scheduled, when your closing appointment will be and any actions you need to take to get in the home of your dreams.

    To speak with a Mortgage Loan Officer, please call 1-800-845-1614 Apply Now

     

  • After closing.

    Managing your Founders Mortgage is easy! You can conveniently access and pay your Mortgage in Founders Online or by visiting an office near you. If you have questions regarding your Mortgage Loan, our Mortgage Loan Officers are always available to assist you.

Additional Information

  • Adjustable Rate Loan options with initial rate unchanged for first 7 years
  • Upon first 7 years of loan, the rate will adjust annually up to 2% per adjustment and 6% over the lifetime of the loan
  • Fixed Rate Loan option not available with First Time Homebuyer Program
  • Double Wide Manufactured Homes do not qualify for our First Time Homebuyer Program
  • Mortgage Vocabulary
  • Founders Mortgage Loan Originators

To speak with a Mortgage Loan Officer, please call 1-800-845-1614 Apply Now

Rates and terms vary depending on the type of loan, loan to value ratio, credit evaluation and underwriting requirements. APR is subject to increase or decrease. Pay only 4.27% APR on your first mortgage loan with 360 monthly payments of $295.27 for each $60,000.00 borrowed. The payment can increase to $467.93 in the 10th year of the loan. Up to 100% LTV and no origination fee. Flood, property insurance, and taxes, if applicable, are not calculated in the payment example. Actual payment obligation will be greater if an escrow account is required. All loan programs, rates, terms, and conditions are subject to verification of information, your credit history, the location and type of property and other factors as determined by the Credit Union and may change at any time without notice.

1 Offer for no origination fee is only available for specific mortgage products for first time home buyers.
2 Founders Insurance Services offered through Founders Financial Group, LLC, doing business as Founders Insurance Services. Insurance products not underwritten by Founders Financial Group, LLC, or any affiliated company. Not NCUA Insured - No Credit Union Guarantee - May Lose Value - Not Deposits - Not Insured by any Federal Government Agency.

Calculators

How much home can I afford?

Estimate the most expensive home you could buy based on the highest payment you can afford.

Which Mortgage is better for me?

Compare the cost of up to three mortgages.

Should I Rent or Buy?

Compare the cost of renting against the real cost of buying a home.

Adjustable Rate Mortgage Calculator

Calculate your payment with an Adjustable Rate Mortgage.

Auto Loans

as low as

2.50
%
APR*

Mortgage Loans

as low as

3.85
%
APR*

Credit Cards

as low as

10.10
%
APR*

Personal Loans

as low as

8.90
%
APR*

Apply for an Auto Loan!

Are you a member?

MEMBERS: Log in to Founders Online then select Add Accounts to apply for your Auto Loan.

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NON-MEMBERS: Please complete our Auto Loan Application and Membership Application.

Apply for a Deposit Account!

Are you a member?

MEMBERS: Log in to Founders Online then select Add Accounts to apply for your Deposit Account.

Founders Online Founders Online

NON-MEMBERS: Please complete our Deposit Application and Membership Application.

Apply for a Credit Card!

Are you a member?

MEMBERS: Log in to Founders Online then select Add Accounts to apply for your Credit Card.

Founders Online Founders Online

NON-MEMBERS: Please complete our Credit Card Application and Membership Application.

Apply for a Personal Loan!

Are you a member?

MEMBERS: Log in to Founders Online then select Add Accounts to apply for your Personal Loan.

Founders Online Founders Online

NON-MEMBERS: Please complete our Loan Application and Membership Application.

Apply for a Deposit Account!

Are you a member?

MEMBERS: Log in to Founders Online then select Add Accounts to apply for your Deposit Account.

Founders Online Founders Online

NON-MEMBERS: Please complete our Deposit Application and Membership Application.

Mortgage Vocabulary

Appraisal
A home appraisal is a detailed summary of how much a home is worth and compares the home to similar properties in the same area.
Closing
The closing is typically held at an attorney’s office and simply means the completion of the transaction involving the sale or exchange of real estate.
Closing Costs
Closing costs are the fees required to pay at closing. These cover any fees associated with the sale of the home like title and settlement services, title insurance, appraisal, lender fees and any other fees carried out during closing. These fees range anywhere from 3% - 5% of the purchase price of your home. These fees may also be called Settlement Fees.
Down Payment
Your down payment is the amount of money you are required to pay in cash when you close your mortgage loan.
Escrow Account
An escrow account is a separate account held in a borrower’s name to pay property taxes and insurance premiums. Flood insurance, if required, must also be escrowed.
Flood Certification
A flood certification indicates if the property is located within a designated flood zone. If the property is within a flood zone, the lender will require flood insurance.
Home Inspection
A home inspection examines the safety of the structure and mechanical condition of the home.
Insurance
Homeowner’s insurance provides protection against losses and damages to your home and is required if you owe a mortgage on your home. Your homeowner’s insurance is typically paid to an escrow account.
Interest
The fee you pay to borrow money.
Interest Rate
The interest rate is a percentage of the loan charged to the borrower. Your interest rate is determined at current market conditions, and reviewing your credit score, down payment and the type of mortgage you choose.
Loan Term
The loan term is the amount of time you have to pay off your mortgage loan. The First Time Homebuyer Program is a 30 year term.
Origination Fee
An origination fee is an upfront fee by a lender for processing a new loan application.
PMI
PMI stands for Private Mortgage Insurance and is an added fee paid to the lender which protects the lender in case you don’t make your mortgage payments. Since Founders First Time Homebuyer Program doesn’t require PMI, you will save money each month.
Points
Also known as “discount points,” points are paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can, in turn, lower your monthly mortgage payments. A point is equal to 1% of your mortgage amount (or $1,000 for every $100,000).
Principal
The principal is the amount borrowed or amount owed on a loan. This is separate from the interest.
Property Taxes
Property taxes are the amount of money paid annually to your local government. Your property taxes are typically paid to an escrow account.
Recording Fees
The recording fee is money paid to record the deed and security instrument.
Settlement Charges
Also known as Attorney Fees, settlement charges are paid at closing and typically paid to the Attorney completing the legal transaction.
Survey
A survey is a drawing of the property completed by a licensed surveyor which contains a measurement of the property and includes locations of all buildings and boundaries.
Tax Service Fee
The tax service fee is part of the closing costs and paid to a third party to manage the disbursements of the escrow account to pay property taxes.
Termite Inspection
A termite inspection, or CL-100 in South Carolina, is required by the lender and identifies any repairs or treatment needed due to termite damage.
Title Insurance
Title insurance protects the lender and covers the loss of the property due to legal defects. This is required if the property has a Mortgage.

Apply for a Personal Line of Credit!

Are you a member?

MEMBERS: Log in to Founders Online then select Add Accounts to apply for your Personal Loan.

Founders Online Founders Online

NON-MEMBERS: Please complete our Line of Credit Application and Membership Application.

Founders Locations Search

Looking for a Founders location near you? Search for any of our Founders offices, ATMs and surcharge-free ATMs below!

 

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Relax … we’ll be there!

Founders’ involvement in the community spans across many different needs. Many Founders employees are experts in financial topics and are available to speak at your events.

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