Author: Emily Gregory

Crafting Your Dream Home: A Guide to Construction and Renovation Financing

Posted on by Emily Gregory

When faced with a competitive housing market and limited inventory to go around, it’s not uncommon for many buyers to feel like their options are extremely limited. After all, finding the perfect home that fits your budget, your current needs, and your plans for the future is no small task, even in the best buyer’s markets.

If you’re in a similar situation, or if you already own a home that you’d like to improve (like the 55% of homeowners who renovated in 2021, according to one study), you may want to consider two often overlooked loan options: construction loans and renovation loans.

Unlike the conventional, long-term mortgages that typically come to mind when thinking about home loans, construction and renovation loans (renovation loans are typically 30-year fixed loans) are specialized options for building or renovating a home that could be just the right move for a buyer who’s feeling limited by what the current market has to offer.

Construction Loans: Building Your Dream Home

If you have your sights set on building a new home from scratch, construction loans can provide the investment capital you need to get the job done – including purchasing land, materials, labor, and more. These short-term loans are specifically designed to finance the construction of a new property. Typically, construction loans have a term of one year, and upon completion of the home, the borrower must secure a permanent home loan.

With a construction loan, you have the flexibility to shape your ideal living space according to your preferences and requirements. Working with First Home Mortgage means you can explore the right construction loan for you and then take out a mortgage with a lender you’ve already built a relationship with.

Renovation Loans: Transforming Your Existing Home

Maybe you’ve got an older home that’s due for some updates, or maybe you’ve found one to buy that would be just right if you could add that second bathroom, finished basement, or any of the most popular home improvement projects. Well, a renovation loan might be right for you.

Home renovations are popular and often expensive. According to the Joint Center for Housing Centers of Harvard University (JCHS), spending for home improvement projects increased from $328 billion in 2019 to $472 billion in 2022. It’s expected to climb even higher in 2023, due largely to inflation and supply chain shortages.

Renovation loans provide the necessary financial support for home repairs, renovations, and remodels. There are several options available for renovation loans, including FHA 203(k), FNMA HomeStyle®, and Freddie Mac CHOICERenovation® mortgages.

FHA 203(k) loans, offered by the Federal Housing Administration, enable borrowers to finance repairs within a single mortgage on their primary residence. These loans require a minimum down payment of 3.5% on a purchase and come in two types: Standard FHA 203(k) loans, which allow borrowers to finance rehabilitation costs starting at $5,000 without a maximum limit, and Limited FHA 203(k) loans, which provide renovation and repair financing for up to $35,000 in total renovation costs.

Alternatively, Fannie Mae HomeStyle® and Freddie Mac CHOICERenovation® mortgages,   empower you to purchase and renovate a primary residence, second home, or investment property. These loans require a minimum down payment of 3% or more, where applicable, and allow you to combine the cost of purchase and renovation into a single mortgage, up to the conforming loan limit for the county/district.

That’s a lot of numbers and acronyms, but the main takeaway is that you may have some options to consider. As always, consulting with an experienced loan officer can help you get a better understanding of what’s available for your unique circumstances.

Determining if a Construction or Renovation Loan is Right for You

If you’re considering building a home, evaluate whether your current financial situation favors building over buying. Assess your timeline for moving into a new home and factor in any time constraints, potential for delays, unexpected costs, and your overall level of comfort with taking on a major undertaking like this.

If you’re contemplating renovations, assess whether it’s the right time to proceed and if the renovations will significantly enhance your quality of life and the value of your home. There are many variables that impact the overall cost, and they should be carefully weighed against your short-term and long-term goals.

Obtaining a Construction or Renovation Loan

Once you’ve decided to pursue a construction or renovation loan, it’s essential to evaluate your current financial standing. Start by assessing your credit score, debt-to-income ratio, and overall financial health.

For both construction and renovation loans, obtaining pre-qualification is key. It provides a solid estimate of your borrowing capacity and helps you establish a realistic budget, enabling you to plan your project effectively. If you’re not already pre-qualified, you might be surprised to find how quick and easy it is – and without any impact on your credit score*.

If you’re ready to explore the construction and renovation loan options available at First Home Mortgage, connect with one of our loan officers today and start your search for the loan that will help you build or remodel your dream home.

HomeStyle® is a registered trademark of Fannie Mae. CHOICERenovation® is a registered trademark of Freddie Mac. *A soft pull will not affect your credit score however if you decide to proceed with a full mortgage loan application, a full credit report will be ordered.

FAQs for First-Time Homebuyers: A Guide to Understanding the Purchase Process

Posted on by Emily Gregory

Homebuying can be an exciting and rewarding experience. It can also be an extremely stressful and confusing one – especially if it’s your first time. As a first-time homebuyer, it’s perfectly natural to feel overwhelmed with questions about every step of the process. But don’t fret – we’ve got you covered! In this article, we’ll address some frequently asked questions to help you navigate your homebuying journey with confidence.

What should my mortgage budget be?

This is a crucial first step. Everyone’s financial circumstances are different, but you can form a loose estimate for yourself by factoring your monthly income, expenses, and debts. A common guideline is the 28/36 rule, which suggests a household should spend a maximum of 28% of its gross monthly income on total housing expenses, and no more than 36% on total debt service. Keep in mind that these are general guidelines, and it’s essential to factor in your individual circumstances.

How much money will I need for my down payment?

Your down payment depends on several factors, including loan type, lender requirements, and your financial situation. While a 20% down payment is considered ideal and often recommended to avoid paying private mortgage insurance (PMI), it’s certainly not required, and it’s also not as common as many buyers believe . There are various low-down-payment programs available, such as FHA loans, VA loans (for eligible veterans), and conventional loans with down payment assistance.

Additionally, many lenders offer incentive programs for first-time buyers, those who work in community service roles, and qualifying buyers within certain income levels, which may offer down payment assistance or provide discounted rates, fees, and closing costs that could make your initial investment more affordable. Speaking with a loan officer is a great way to explore what options may be available to you.

What exactly does a real estate agent do, and how do I select one?

A real estate agent should act as your guide and advocate, helping you better understand the market, find prospective homes, negotiate offers, and navigate the various steps of the homebuying journey. They have access to listing databases, market insights, and industry expertise to assist you in making informed decisions. Most importantly, a good agent will be looking out for your best interests throughout the process.

Partnering with the right agent can make a world of difference to your overall experience. It can be helpful to consult with friends and family for recommendations, or, you can research online and read reviews to find someone reputable. Consider speaking with multiple agents to select someone you feel comfortable working with who understands your specific needs – and don’t hesitate to make a change if you don’t feel things are working out!

What’s the difference between an inspection and an appraisal?

An inspection and an appraisal may seem similar, but they serve very different purposes.

  • Home Inspection: A home inspection is conducted by a licensed inspector to assess the condition of the property after an offer is accepted but before a closing takes place. Inspectors thoroughly examine the home’s structure, systems, and components to identify any potential issues or repairs needed. The inspection helps you understand the property’s condition before making a purchase decision and creates an opportunity to negotiate repairs or reconsider your purchase altogether if major issues are discovered.
  • Property Appraisal: An appraisal is performed by a certified appraiser to determine the property’s market value. The appraiser is a neutral third party, who represents neither the buyer, the seller, or the lender. To estimate the property value, the appraiser evaluates comparable properties, location, condition, and other factors to deliver an unbiased assessment of the home’s worth. Lenders require appraisals to ensure they are not lending more money than the property is worth and thereby protect their investment. This also provides peace of mind to buyers who are seeking to pay fair market value for their home.

How can I estimate property taxes and insurance costs?

Before putting in an offer, it’s important to anticipate what your property taxes might be. To estimate property taxes, you can typically find information on the local government’s website or contact the tax assessor’s office for the current tax rate and assessment value of the property. Multiply the assessed value by the tax rate to estimate your annual property tax.

Insurance costs vary depending on factors such as location, property type, coverage amount, and provider. You can obtain insurance quotes from different companies or consult with an insurance agent for more accurate estimates. Oftentimes, discounts are offered for bundling automotive and homeowners insurance policies together.

It is important to note that both property taxes and homeowners insurance rates can change over time. Expect your taxes to likely go up over the course of your homeownership and consider shopping around for insurance policies periodically.

What are closing costs, and how much should I expect them to be?

Closing costs are the fees and expenses associated with finalizing the home purchase. They typically include items like appraisal fees, loan origination fees, title search and insurance, attorney fees, and prepaid expenses like property taxes and homeowners insurance. Closing costs can range from 2% to 5% of the home’s purchase price. However, the exact amount varies depending on factors such as location, loan type, and specific transaction details.

Your lender will provide a Loan Estimate document that breaks down expected closing costs. Working with a loan officer can help you better understand and prepare for these costs.

A Final Word

The homebuying process can be intimidating for anyone, and that’s especially true for first-time buyers. This guide can help you understand the basics and give some food for thought on your purchase strategy, but each person’s homebuying journey is unique. It’s crucial to seek expert guidance tailored to your specific circumstances.

The information provided in this article is for general informational purposes only and does not constitute professional advice. For personalized guidance regarding your specific situation, consult with a loan officer at First Home Mortgage.

Happy house hunting!

RL Kyker Joins First Home Mortgage to Lead New Branch Office in Carroll County, Maryland

Posted on by Emily Gregory

We’ve got more great news to share! A new First Home Mortgage branch office just opened in Carroll County, Maryland, under the skilled leadership of Branch Sales Manager RL Kyker – one of the latest additions to our growing team!

“Joining the team at First Home and having the honor of leading this new branch is a tremendous opportunity,” said Kyker. “I believe people deserve great service and straight-forward advice, and I look forward to serving the community of Carroll County as a trusted advisor, partner, and neighbor.”

RL has over 17 years of experience in the mortgage financing industry, serving new homebuyers and existing homeowners across Maryland. He finds inspiration in supporting the life-changing experience of homeownership and prides himself in providing the most dependable, convenient, and positive experiences possible to his clients. He values relationship-building, consistency, and clear communication in his dealings with clients.

In addition to his day-to-day work, RL stays active in the industry as an affiliate member of the Carroll County Association of Realtors, where he also serves on the Community Outreach Committee. Through this outreach, he has volunteered with and supported a variety of nonprofit organizations, including Special Olympics, Habitat for Humanity, and Boys & Girls Club of Westminster.

“Anyone who’s had the pleasure of working with RL knows that his passion for working at the community level makes him a perfect fit for the First Home team,” said Matt Nader, Senior Vice President and Director of Sales for First Home Mortgage. “We’re thrilled to welcome him aboard as the leader of our new Carroll County office.”

As we look forward to the opening of our new branch location, we’re confident that RL will lead his team to success thanks to his extensive experience, commitment to his clients, and dedication to the Carroll County community.

Solving the Down Payment Puzzle: How Much Is Enough?

Posted on by Emily Gregory

It’s typically the first (and sometimes biggest) question prospective homebuyers find themselves asking before they enter the housing market. “How big does my down payment need to be?”

The down payment is a critical component of the homebuying process, as it determines the initial financial commitment and impacts important factors like loan approval and interest rate. While a 20% down payment is often considered the gold standard, there are various myths and misconceptions surrounding down payment amounts.

If you’re in the early stages of buying a home and wondering what your down payment should look like, you may want to start here. In this article, we’ll clear up some common misconceptions about down payments and explore options that may help buyers cover down payment costs or get a mortgage with smaller down payments.

Down Payments: Myth vs. Reality

Myth: You need at least 20% down to buy a home.

Reality: In a 2020 survey by the National Association of REALTORS®, 35% of consumers believed they needed 16% to 20% for a down payment, and 10% believed they needed more than 20%. In truth, the typical down payment for first-time buyers has ranged from just six to seven percent since 2018. In 2021, the average down payment was just 7% for first-time homebuyers and 17% for repeat buyers.

While a 20% down payment has long been considered the benchmark, it is far from the only option available. Numerous mortgage programs allow for smaller down payments, such as FHA loans that require as little as 3.5% down and conventional loans that may go as low as 3%. It’s important to explore the available options and find the best fit for your financial situation.

Myth: More is always better.

Reality: While a larger down payment can offer certain advantages, such as potentially securing a lower interest rate or avoiding private mortgage insurance (PMI), it doesn’t automatically guarantee a better mortgage deal. Other factors like credit history, income, and debt-to-income ratio also influence mortgage terms.

Also important to consider is that when buying a home (especially your first home), there are many upfront costs and unexpected expenses that may arise. Putting all your savings into a down payment could leave you in a challenging position in the event of a financial emergency. It’s essential to consider your overall financial profile and consult with a mortgage professional to determine the right down payment amount for you.

Myth: You should wait until you have a big down payment saved up before starting your search for a home.

Reality: Many prospective homebuyers believe that without a substantial down payment, homeownership is out of reach. However, there are several programs and initiatives that can assist buyers with down payment costs or provide benefits to those with smaller down payments. For example, VA loans are available to eligible veterans with no down payment requirement, and USDA loans offer zero-down payment options for buyers in rural areas.

For qualifying homebuyers with low to moderate income, First Home’s Dream Program offers $3,000 in down payment assistance. Other programs, like First Home Heroes, can provide fee credits to eligible buyers that lower closing costs, potentially freeing up funds for a larger down payment or other homebuying expenses.

Key Takeaways

The size of your down payment should be based on your financial circumstances and  available options – and you do have options. While a 20% down payment is often seen as ideal, it is not the only path to homeownership, nor is it as common as many believe. Various mortgage programs and assistance initiatives exist to help buyers with down payment costs or to accommodate smaller down payment amounts. Talk to a qualified loan officer to see which of these opportunities may be right for you.

By dispelling myths and understanding the facts, you can navigate the down payment puzzle and make informed decisions on your journey to becoming a homeowner.

Mortgage Market Insights: Inflation, GDP, and Rate Expectations

Posted on by Emily Gregory

After a dynamic week in the market, we thought it would be helpful to share some key highlights. Let’s dive into the recent events and their impact on inflation, GDP growth, and interest rate expectations.

GDP Surprise

Yesterday, there was a significant selloff following the release of the Q1 GDP report. Gross Domestic Product (GDP) measures the total value of goods and services produced in an economy over a specific period. The initial estimate of Q1 GDP growth was 1.1%. However, it was later revised to an robust 2%. This unexpected increase challenges the prevailing belief of an impending recession and influences expectations for future interest rates.

Inflation Numbers

Inflation remains the central focus for the Federal Reserve, with Core Personal Consumption Expenditures (PCE) being their favored measure. Core PCE inflation, which excludes volatile components like food and energy costs, reported at 3.8% year-over-year, in-line with market expectations. Digging deeper, the monthly Core PCE inflation came in at 0.3%, slightly below the expected 0.4%. The annualized rate was 4.6% compared to the anticipated 4.7%. Although Fed officials will likely emphasize the need to bring down inflation from its elevated level, it’s worth noting that inflation is gradually declining towards the 2% target.

Fed’s July Meeting

The Federal Reserve has indicated that the upcoming July meeting is considered “live,” meaning rate increases are possible based on incoming data. Notably, today’s PCE report is the final one before the July meeting, making it a crucial data point for decision-making. It’s important to remember that the impact of the Fed’s actions takes time to manifest in the economy. The availability of credit from commercial banks remains constrained in the wake of the regional banking crisis.  This is affecting the economy but is not yet displaying in backward-looking economic data. Despite the consistent rhetoric about potential rate hikes, many market participants are of the opinion that the more appropriate course of action is to pause and continue to evaluate the impact of the Fed’s previous actions.

Profit Margin Inflation

Some experts have started discussing profit margin inflation as a driver of overall inflation in the economy. Post-COVID lockdown, demand inflation surged, followed by supply-side inflation triggered by events like the Ukraine invasion, leading to disruptions in supply chains and rising prices. However, one of the primary contributors to current inflation is wider retail profit margins. Fortunately, there are signs that consumers are becoming more price-conscious and are pushing back against inflated prices. As a result, companies may be compelled to reduce their profit margins, potentially easing inflation.

Conclusion

While it’s premature to make definitive projections regarding future interest rates, there are positive aspects to consider amidst the surprises in GDP growth. The dynamics of inflation, profit margins, and consumer behavior will continue to shape rate expectations and the overall economic outlook.

Please note that market conditions are subject to change, and it is advisable to consult with financial experts for personalized advice.

First Home Mortgage Shines in Scotsman Guide’s Top Overall Mortgage Lenders

Posted on by Emily Gregory

Today, we are proud to announce that for the ninth consecutive year, First Home Mortgage has made the Scotsman Guide 2023 Top Mortgage Lenders! In the Top Overall Lenders category, First Home was ranked among the top 50 lenders – a prominent spot in a crowded field of some of the largest names in the industry.

Scotsman Guide’s annual Top Mortgage Lenders rankings, originating in 2013, has long been a trusted benchmark for excellence in the industry. In the words of the publication, the list is “the industry’s most comprehensive, verified rankings of the nation’s top-producing mortgage companies.”

Thanks to the hard work of our talented team of loan officers located across our 31 offices, First Home has been honored to make the list for nine years in a row! For us, it’s another indication that our commitment to working with our local communities to deliver first-rate service and exceptional mortgage solutions continues to be noticed.

“We are delighted to be recognized once again as a Top Mortgage Lender in the nation by Scotsman Guide,” said Matt Nader, Senior Vice President, Director of Sales at First Home. “This achievement is a testament to the effort, dedication, and commitment of our entire team to providing distinguished service to our clients. Our mission is to help individuals and families realize their dreams of homeownership, and this recognition is just one more indication that we are on the right path.”

The Top Overall Lenders for 2023 is available online, allowing industry professionals and mortgage enthusiasts to explore the best-in-class lenders in the country.

Raising Your Home’s Curb Appeal: The Makeover That Makes the Right First Impression

Posted on by Emily Gregory

While it’s true that homebuying demand remains strong and housing prices have been trending higher for the last few years, some experts believe we’re headed for a buyer’s market before long. Whether that turns out to be true is up for debate, but no matter what market conditions look like, certain opportunities will always remain for sellers to raise their asking price and attract more offers. We’re talking about curb appeal – and if you’re planning to sell your house now or in the future, it may be worth considering if it’s time your home got a little glow-up.

What is curb appeal?

First impressions can mean everything to prospective homebuyers. Curb appeal is a broad term for the overall attractiveness of a property when viewed from the outside. A home’s curb appeal will likely influence a prospective buyer from the moment they first approach the home, potentially impacting the amount of their offer – or their decision to walk away.

In a recent report by the National Association of Realtors®, 92% of Realtors suggested sellers improve curb appeal prior to listing a home for sale. In this article, we’ll cover some of the basics that you might want to consider before listing your own home.

A note before beginning

The elements that contribute to a home’s curb appeal range from large to small. Before starting any major projects, you should set some expectations and consider the expenses, time commitments, and risks that may be involved. As with any investment, there are no guarantees on your return. If you’re working with a real estate agent to list your home, consider consulting with them for additional insight on what your best moves might be.

Raising your home’s curb appeal

Once you’re ready to take a critical look at your home for ways to boost curb appeal, here are some great places to start:

Landscaping. A study by Virginia Tech found that homes with good landscaping and curb appeal sold for 5.5% to 12.7% more than homes with average or poor landscaping. Luckily, this is one of the easiest and most cost effective improvements a homeowner can make. A well cared-for lawn that’s free of weeds, along with some neatly trimmed trees, shrubs, or other greenery, can make a home look clean and attractive from the outside, while suggesting that the inside is equally well maintained. Removing dead or overgrown trees can revitalize a home and give it a better view from the street.

Clean and declutter. It may sound obvious, but often we get used to the status quo and “look past” clutter that accumulates – like the seasonal decorations that are overdue for taking down, kids’ toys scattered across the lawn, or seasonal yardwork that we’re behind on. Luckily, a little bit of cleanup, organization, and some pressure washing of your porch, deck, walls and windows can go a long way. Utilize your garage (if you have one) to store vehicles, tools, and toys to keep things looking tidy. Once things are in order, keep them that way with a diligent clean-up and maintenance schedule.

Front-of-house refresh. You’ve got a beautiful home – why not show it off? Make your house appear more welcome and inviting with the right steps. Restore or repaint your walkway, porch and any gates or railings to remove rust and chipped paint, creating a fresher, cleaner look. Consider repainting your front door – maybe even using a bolder color – for an eye-catching look. Repair or replace any old or broken porch lights, door knobs, or mailbox features. Some simple outdoor furniture, plants, and decor can also add style and character at relatively little expense.

Renovations and repairs. Obviously, major elements of the home’s exterior like a distressed roof, cracked windows, and other structural issues are easily noticeable and will have a big impact on curb appeal. Unfortunately, these are often some of the biggest and most expensive improvement projects that a homeowner will encounter. A good compromise may be to start small: fix crooked or damaged gutters, touch up paint on window shutters, fill cracks in the sidewalk or driveway, and replace damaged siding. Then, you can reassess and decide on any bigger issues that need to be addressed.

Don’t stop at the exterior

Finally, although we’ve been focusing on your home’s exterior in this article, many of the same ideas can be carried over into the exterior. Most buyers will see photos of the exterior and interior of the home on sites like Zillow or Trulia long before they see it in person. Here are a few quick, easy, and affordable DIY makeover moves to help with the inside of your home:

  1. Start with easy touch-ups. Replace cracked or broken switch plate covers and ventilation registers, fill holes in the wall, recaulk sinks, tubs, and showers, etc.
  2. Find the right lighting. Create a cozier atmosphere with ambient light. Pay attention to light temperature and bulb wattage to set a tone that makes guests feel welcome.
  3. Go green. It doesn’t take much to add a little greenery to your space. A few houseplants can add color and vibrancy to your home for relatively little cost or maintenance.

Remember – when it comes to curb appeal, a little work can go a long way! Get your best shot at a successful sale with these curb appeal tips to make your listing stand out above the rest.

Buying a Home When You Have Student Loans: Don’t Let Debt Be a Dealbreaker

Posted on by Emily Gregory

Congratulations to all the college graduates out there as we kick off another graduation season! Whether you’re a recent grad, still in school, or you finished years ago, chances are high that you’re carrying some student loan debt. According to the Education Data Initiative, over 43 million Americans have student loan debt, with the average debt per borrower coming in at over $37,000 for federal student loans and nearly $55,000 for private loans.

If you’re hoping to buy a house soon, having that much debt hanging over you can feel like a real barrier to entering the market. Thankfully, there are a variety of options to consider that can help bring your homeownership dreams within reach. Here are some tips, strategies, and resources to help you navigate the homebuying process while carrying student loan debt.

Determine Your Financial Health

Just like any homebuyer, your first step should always be to assess your financial situation to gain a better understanding of what you can afford and what your buying strategy should look like. Start by reviewing your credit score, making a plan to address any credit issues , and calculating your monthly income and debt obligations.

Explore Mortgage Loan Programs for Borrowers with Student Loan Debt

Many first-time buyers are surprised to learn that there are a variety of mortgage loan assistance programs that can greatly benefit them – and some of those programs are designed specifically for borrowers with student loan debt. These programs offer a range of advantages, including lower interest rates, reduced down payment amounts, debt forgiveness, and more.

In our home state of Maryland, for instance, the Maryland SmartBuy Program is offered by the Department of Housing and Community Development. Through the program, qualifying homebuyers can receive up to 15% of the home purchase price to pay off student debt in the form of a 0% interest deferred loan with no monthly payments, forgivable over five years.

Terms for programs like this one may seem a bit complicated, and figuring out the best route for your unique circumstances can be a challenge. If you’re ready to start exploring your options, it’s never a bad idea to speak with an experienced loan officer. who can help you determine your eligibility and the potential benefits of programs like these.

Reevaluate Your Student Loan Repayment Plan

When you took out your student loans, you entered into an agreement about how and when those loans would be repaid. Like with most types of loans, you likely still have some options at your disposal for refinancing, restructuring, or otherwise modifying your student debt. You may want to investigate some of the following strategies:

  • Income-Driven Repayment (IDR) plans cap your monthly payments relevant to your earned income. While altering your repayment terms may actually add to the long-term cost of the loan, the reduced monthly payment obligations could potentially help improve your debt-to-income (DTI) ratio, helping you to secure a mortgage that works for you.
  • Lengthening the term of your loan is another way you may be able to reduce your monthly payments, thereby improving your DTI ratio. Keep in mind however that this, too, often increases long-term costs by stretching your borrowing over a longer period.
  • Consolidating your loans (if you have several of them) may open new options for you to refinance your total overall debt at a lower rate, choose a new loan servicer, or receive more favorable terms.

Keep in mind that all of the options listed above are highly specific and may come with tradeoffs. Before making any changes to your payment plans or loan details, be sure to consult with a financial advisor and consider all the relevant implications.

Conclusion
Buying a home while dealing with student loan debt may be challenging, but it’s far from impossible. With the right planning and guidance, you can find the best options available to you and begin the search for the home you’ve been dreaming of.

If you’re ready to hit the housing market but you don’t know where to start, get in touch with one of our loan officers to see how you can take advantage of the right programs and strategies to help you succeed.

Springing Into Service With Volunteer Week

Posted on by Emily Gregory

As a community-focused residential lender, we pride ourselves in the strong relationships we’ve developed with our surrounding neighborhoods. Supporting these communities is a critical part of our identity, so in May, we launched Volunteer Week – an exciting new initiative to rally together in the spirit of giving back!

During the week of May 15-19, about 200 members of the First Home team volunteered their time, talent, and energy to support the critical work of six local nonprofits. The end result was a series of memorable experiences where team members spent quality time together, giving back in a meaningful way while providing support and awareness for these important organizations.

Here’s a look at each of the nonprofits we partnered with during Volunteer Week:

 

Pathways to Housing DC (Washington, DC)

For the last five years, First Home Mortgage’s Chevy Chase, MD branch has been proudly donating $100 for every closing they’ve performed to the phenomenal Pathways to Housing DC, a local nonprofit working to end homelessness while bringing health and hope to those who have been affected by it. For Volunteer Week, the office got more hands-on with their giving, assembling welcome-home baskets and hygiene kits for members of the community who have recently experienced homelessness.

“As a lender, we’re able to help a lot of people move into their first home,” said Jake Ryon, loan officer for our Chevy Chase branch. “But there are some people we can’t help – and they deserve to have these same opportunities. Pathways is this organization that runs parallel to what we do, and it helps those we can’t help. That’s why we’re very passionate about it.”

 

Ronald McDonald House of Maryland (Baltimore, MD)

Members of our Canton branch and our corporate office in Baltimore assembled and delivered non-perishable donations for guests of The Ronald McDonald House of Maryland, which has been providing a “home-away-from-home” for seriously ill children and their families for over 40 years.

“We’re very involved in our community here,” said Jack Hinder, sales manager of our Canton office. “We do the bulk of our business here in Baltimore and the surrounding county. It feels good to give back to the community that’s given us so much.”

“It was a very overwhelming response from everyone in our branch and at corporate, who wanted to not only donate, but also volunteer their time and go drop off the goods at the Ronald McDonald House,” said Ayaz Rahemanji, branch manager of our Canton office.

 

Nourishing Bethesda (Bethesda, MD)

Our Bethesda office partnered with Nourishing Bethesda, whose mission is to fight food insecurity in the area by providing nutritious food and community support to neighbors in need. Volunteers put together bags of snacks and nonperishable foods that will go to seniors, schoolchildren, and others in the community who are struggling with food insecurity.

“I think volunteering is our way of saying thank you to the local community,” said Rob Mercer, branch manager of our Bethesda office. “It’s also a great team building experience. It’s nice to help those who aren’t as fortunate as us – it just feels great.”

 

Calvert County Parks & Recreation (Prince Frederick, MD)

Hallowing Point Park is a treasured outdoor space for children, families, and residents of all kinds in the Calvert County area. Members of our Dunkirk, MD and Hollywood, MD offices organized a trash cleanup through Calvert County’s Adopt-A-Park program as a way of giving back to the park where they’ve cherished for so many years.

“Hallowing Point is really special to us,” said Tim Sisson, branch manager of our Dunkirk office. “All of us played sports here growing up, and now we have kids that are playing sports here. So it just feels really good to be able to clean it up.”

“I lived in Calvert for 20 years,” said Arlene Dean, loan officer for our Hollywood office. “I love this area, love this community. My boys have played football here for many years – it feels great to give back to the community.”

 

Habitat for Humanity of Greater Plymouth (Plymouth, MA)

Habitat for Humanity of Greater Plymouth is a nonprofit organization that provides affordable homeownership opportunities to help low-income families. The group constructs, rehabilitates, and preserves homes throughout southeastern Massachusetts with the help of dedicated volunteers.

To make their work a little easier, members of our downtown Plymouth branch hosted a donation drop-off to collect much-needed items that support the builders and office workers who carry out the nonprofit’s mission, as well as the homeowners that the group supports.

“Groups like Habitat for Humanity of Greater Plymouth have the power to completely change a family’s life for the better,” said Anne Borghesani, branch manager of our downtown Plymouth office. “It was truly inspiring to know the resources we helped collect will be put to good use for such meaningful work.”

 

Annapolis Light House (Annapolis, MD)

Finally, members of our Annapolis office rolled up their sleeves and lent a hand with painting and powerwashing at Annapolis Light House, a homeless prevention support center providing shelter and services to combat homelessness and empower people transitioning toward housing.

“Volunteering is really an opportunity for us to give back,” said Chris Edge, loan officer for our Annapolis office. “Working in housing, it was important to us to identify and partner with someone in the community who’s doing the good work to help people re-enter housing.”

“The work that Light House does in our community is as inspirational as it is impactful,” said Jason Nader, branch manager of our Annapolis office. “They go beyond just providing food and shelter to those experiencing homelessness by addressing underlying causes with long-term solutions. We’re proud to support their mission.”

Volunteer Week was a great reminder that no matter how many branches our team is spread out across, each of our offices is deeply rooted within its community. Cheers to all of our participants – keep up the great work, and we look forward to future opportunities for growing closer and giving back!

We’re Welcoming Jeff Modeski as Columbia Office Branch Manager

Posted on by Emily Gregory

First Home Mortgage’s Columbia, Maryland office location is about to get a little bit bigger with the exciting addition of our newest branch manager, Jeff Modeski.

Jeff is an experienced mortgage professional with more than 22 years of experience working for some of the best mortgage lenders in the industry – including First Home Mortgage! That’s right, Jeff actually began his career as a loan officer with First Home in 1997, working as part of our team for nearly five years before venturing off to explore other opportunities throughout the industry. Now, he’s returning to us as a seasoned expert in the field of residential lending.

“First Home is where I got my start in the industry,” said Modeski. “I learned invaluable lessons and had some truly memorable experiences that have stayed with me throughout my career. I look forward to beginning this new chapter as branch manager of the Columbia office and once again being a part of this incredible organization.”

The branch manager role is an essential one, and Jeff will be in good company as he leads his team to success. He joins Chris Sittig, the current branch manager of the Columbia office, who himself has more than 20 years of experience originating mortgage loans and helping buyers achieve their dreams of homeownership.

Both Chris and Jeff share a passion for working with clients to meet their unique homeownership goals. The two branch managers will be leading branch operations together to provide the local community with their signature level of high-quality service.

“On behalf of the entire First Home team and the Columbia branch, we’re excited to welcome Jeff back to First Home,” said Sittig. “This office has set some ambitious goals and set the bar high for client service. Jeff’s talent and experience will no doubt help us continue to reach even higher as we build on our tradition of excellence.”

 

Welcome home, Jeff!

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