First Citizens Bank could be a good option for those of you looking for mortgage loans with fairly competitive rates, loan types included your fixed-rates, ARMs, construction-to-permanent, jumbo loans, and even money saver loans.
Those with moderate to low income can also check for eligibility in their mortgage assistance program. There’s tons of flexibility with your loan options so you’ll definitely find one that suits you. Since First Citizen is an online mortgage lender, they can afford to provide you, the customer, better-lower rates on top of flexible credit guidelines and flexible down payment requirements!
First Citizens Bank Mortgage Summary:
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- Account Type: Mortgage Loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Closing Loan: Standard lock period is 15-30 days
First Citizens Bank Mortgage Features:
- Multiple program options to better match your payment to your budget
- Flexible credit guidelines, making it easier to qualify for your mortgage loan
- Flexible down payment requirements
- Non-traditional credit references permitted
- Low cash reserves acceptable
- Third-party paid closing costs permitted
First Citizens Bank Mortgage Basic Requirements:
Below are examples of supporting documents which may be included in a loan file:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
- Two most recent months’ bank statements. All of the pages.
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
One of the things I like about First Citizens Bank is that they integrate helpful educational resources in just about every area of their website. If you’re considering looking into a mortgage with them, then I recommend that you take advantage of any helpful resource necessary on their site. Heed of advice: Don’t fall in love with a home that doesn’t fit your budget. Secondly, it’s worth trying pre-qualifications at other banks as well, considering you are on a hunt towards the lowest, most-consistent rate possible. Also, be sure to check out our Best Mortgage Rates!
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