*The 4.49% (6.572% APR) interest rate incentive is based on a 2-1 buydown of a conventional fixed-rate loan and is valid on firm, non-contingent, owner-occupied home purchase agreements accepted by Drees Custom Homes between January 1-31, 2025, that close with First Equity Mortgage, Inc. by Februrary 28, 2025. The 2-1 buydown program may not be combined with other financing incentives. Excludes Elevate by Drees and townhome purchases.
With the advertised rate, borrower payments for the first year will be based on an interest rate of 2% below the current market rate. The second year’s payments will be based on an interest rate 1% below the current market rate. In years 3-30, payments will be based on the original locked-in rate. For example, in the first year, borrower payments will be based on a 4.49% interest rate (6.572% APR Annual Percentage Rate, or APR), second year 5.49% interest rate (6.572% APR), then 6.49% interest rate (6.572% APR) for the remaining 28 years. The APR does not consider any other loan specific finance charges you may be required to pay. Example shows a 30-year conventional loan for an owner-occupied home with a sales price of $500,000, loan amount of $400,000, 760 credit score and 20% down payment. Loan products are subject to standard qualifications and credit approval. Government and adjustable-rate mortgages are not eligible for this program. The 2-1 buydown option is available on Jumbo loans but at a different interest rate. Rates, terms and conditions are subject to change or withdrawal without notice.
Buyer is not required to finance through First Equity Mortgage to purchase a Drees Custom Home; however, buyer must use First Equity Mortgage Inc., an Equal Housing Lender licensed by the Texas Department of Savings and Mortgage, License #SML; NMLS #21157 (www.nmlsconsumeraccess.org), to receive the 2-1 buydown option. Other restrictions may apply. First Equity Mortgage, Incorporated is a wholly-owned subsidiary of The Drees Company located at 211 Grandview Drive, Suite 102, Fort Mitchell, KY 41017. Equal Housing Lender. See First Equity Mortgage loan officer for details.
**Half-off structural options incentive provides a 50% discount on up to $100,000 in structural home options for a maximum savings of up to $50,000. This incentive is valid on build-to-order homes in the Greater Austin area contracted for purchase between January 1-31, 2025. Excludes townhomes and homes built through the Elevate by Drees Custom Homes division. Excludes custom design requests, second floor additions on single-story homes and the addition of garage bays. Not valid with other promotions or discounts and is subject to change or withdrawal without notice. May not be available in all communities.
† Up to $20,000 financing incentive is valid on firm, non-contingent purchase agreements accepted by Drees Homes inthe Greater Austin area between January 1-31, 2025, on build to order homes or quick move-in that do not qualify for other financing incentives when buyer finances with First Equity Mortgage, Inc.
†† The Drees Custom Homes Designer WOW Package is available for build-to-order homes in the Austin area through January 1-31, 2025 and includes specified products and features. Its approximate value will vary due to plan size. Home finishes in advertised photos may not all be included in the WOW package, thus may require additional costs. WOW package components may not be substituted or exchanged for cash discount on home price. Incentive is not available with other promotions or discounts unless specified, and is subject to change or withdrawal without notice. Other restrictions may apply. See your Drees Custom Homes market manager. The Drees Company is located at 211 Grandview Drive, Suite 201, Ft. Mitchell, KY 41017.
All financing programs are subject to borrower qualification. Incentives exclude townhomes and Elevate by Drees Custom Homes. Subject to change or withdrawal without notice. First Equity Mortgage, Incorporated is a wholly-owned subsidiary of The Drees Company located at 211 Grandview Drive, Suite 102, Ft. Mitchell, KY 41017. Buyer is not required to finance through First Equity Mortgage to purchase a Drees Home; however, buyer must use First Equity Mortgage, Inc., an equal housing lender licensed by the Texas Department of Savings and Mortgage, License #SML; NMLS #21157 (www.nmlsconsumeraccess.org) to receive the 2-1 buydown option or the $20,000 financing incentive. Other restrictions may apply. See First Equity Mortgage loan officer for details.
Consumers wishing to file a complaint against a mortgage banker or a licensed mortgage banker residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department's website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550.
The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department's website at www.sml.texas.gov.
