New Down Payment and Closing Cost Assistance Loans

First Home Mortgage is excited to roll out a new program to assist first-time homebuyers, community partners and veterans with down payment and closing cost assistance.

The FHLB program provides loans up to $7,500 to homebuyers that can be used towards the down payment and/or closing costs of their new home. These loans are forgivable after 5 years, meaning no repayment is necessary! There are 3 separate programs available:

First-Time Homebuyer Product– Maximum loan assistance of $5,000, minimum borrower contribution of $1,000.

Community Partners Product– Maximum loan assistance of $7,500, minimum borrower contribution of $1,000, non-first-time homebuyers are eligible, available to law enforcement officers, educators, health care workers, firefighters and first responders.

Veterans Purchase Product– Maximum loan assistance of $7,500, no minimum borrower contribution, non-first-time homebuyers are eligible, available to homebuyers who are currently serving, or have served in the U.S. military, their spouse or their surviving spouse.

These programs are only available on conventional, fixed-rate purchase loans. Funds are provided on a first come, first-served basis until funds are depleted. There is mandatory Homebuying Counseling for borrowers.

Reach out to your Loan Officer to learn more!

Special Assistance Grant Program from the Maryland Mortgage Program

The Maryland Mortgage Program has announced their new Special Assistance Grant Program to assist homebuyers with down payment and closing costs while purchasing a home.  The MMP offers a range of programs that help make purchasing and owning a home more affordable.  With this Grant, eligible borrowers will receive $2,500 or $1,500 (depending on the Area Median Income), which can be added on to the Maryland Mortgage Program’s existing programs.

Highlights of this product:

  • Grant of $2,500 for borrowers with income not exceeding 50% of the Area Median Income (AMI), Or a grant of $1,500 for borrowers above 50% and not exceeding 80% of the AMI
  • Used for both closing cost and down payment assistance
  • Conventional mortgages using Freddie MAC’s HFA Advantage™
  • May be used with other MMP products, such as Regular Conventional Loan Assist, Conventional Grant Assist,  Conventional Rate Assist, and 1st Time Advantage Loans
  • May not be combined with Maryland SmartBuy or refinance products
  • Regular down payment assistance may be layered with this product
  • Partner Match Program funds may be layered with this product
  • Maryland HomeCredit Program may be used (MMP will waive $450 MMP fee as an additional incentive)  
  • Must be purchasing in Maryland                 

          Income Eligibility Per County

     County                                Income Limit 80%/50% AMI                    

  1. Allegany                            $44,400/$27,750
  2. Anne Arundel                  $75,920/$47,450
  3. Baltimore                         $75,920/$47,450
  4. Baltimore City                 $75,920/$47,450
  5. Calvert                              $93,760/$58,600
  6. Caroline                            $57,040/$35,650
  7. Carroll                               $75,920/$47,450
  8. Cecil                                   $69,920/$43,700
  9. Charles                              $93,760/$58,600
  10. Dorchester                        $57,040/$35,650
  11. Frederick                           $93,760/$58,600
  12. Garrett                               $57,040/$35,650
  13. Harford                              $75,920/$47,450
  14. Howard                              $75,920/$47,450
  15. Kent                                    $59,680/$37,300
  16. Montgomery                     $93,760/$58,600
  17. Prince George’s                $93,760/$58,600
  18. Queen Anne’s                   $75,920/$47,450
  19. Somerset                           $57,440/$35,900
  20. St. Mary’s                          $82,720/$51,700
  21. Talbot                                $61,920/$38,700
  22. Washington                      $53,600/$33,500
  23. Wicomico                          $57,440/$35,900
  24. Worcester                          $57,440/$35,900

Want to see if you qualify for this Special Assistance Grant?  Contact one of our Maryland Loan Officers, today.

New Extra Assistance Loan from Rhode Island Housing

Rhode Island Housing (RIH) has introduced a new Extra Assistance Loan for first-time homebuyers, effective May 21, 2018.  This Extra Assistance Loan may be used towards the borrower’s down payment and/or closing costs.  RIH offers affordable and innovative lending opportunities, education, resources and programs to assist Rhode Islanders to buy, build and keep a good home.

Extra Assistance Loan Requirements:

  • May be combined with all RIHousing first mortgage products
  • First-time homebuyers only (unless in targeted area)
  • Must purchase in Rhode Island
  • Maximum LTV/CLTV per first mortgage product requirements
  • 15-year term
  • May be combined with First Down Program
  • Interest rate per first mortgage product requirements
  • No maximum household income limits

Eligible Property Types/Loan Limit and Use of Funds:

  • 1 unit or Condominium – 6% of purchase price not to exceed $12,000
  • 2 units – 6% of purchase price not to exceed $12,000 (rental income may be used for qualifying purposes)
  • 3-4 units – $7,500 loan maximum to be applied to closing costs only (rental income may be used for qualifying purposes)

If combining with First Down Program:

  • Extra Assistance loan used only for closing costs
  • 1 unit – $6,500 Extra Assistance Loan maximum
  • 2-4 units – $7,500 Extra Assistance Loan maximum

The new Extra Assistance loan is replacing Rhode Island Housing’s Amortizing Second Mortgage and Closing Cost Assistance Loan.  For more information, or to see if you qualify, contact one of our licensed Rhode Island Loan Officers, today.

First Home Receives First Place Top Producing Lender 2017 Award by the Maryland Department of Housing and Community Development

On January 19th, 2018, the Maryland Department of Housing and Community Development honored its top four performing lender partners of 2017 – First Home Mortgage Corporation acknowledged as their Top Producing Lender.  With an audience of nearly 300 program partners, the department debuted their redesigned website, presented their new enhancements and processes on new loan and down payment assistance products and expressed their gratitude for these top performing lenders.

Did you know that between 2015 and 2017 the Maryland Mortgage Program assisted more than 7,800 homebuyers?  This means over $39 million was provided for down payment assistance and $1.5 billion in mortgages.

INCREDIBLE!

According to the Department of Housing and Community Development, “the Maryland Mortgage Program has been the state’s flagship homeownership program for more than 35 years, providing fixed-rate mortgages, primarily to first-time homebuyers, along with down payment and closing cost incentives.”  With the announcement of these new loan and program enhancements, homeownership in Maryland is even more affordable than ever before.

These enhancements include:

  • The existing 4% Grant Assist program for down payment assistance can now be used for FHA loans as well as Conventional, USDA, and VA loans
  • Creation of the Maryland 6% Opportunity Grant to increase access to homeownership for lower income homebuyers (for HFA Advantage mortgages only)
  • New Maryland Credit 640 program to assist homebuyers with FICO scores in the 640-659 range when purchasing a home in Maryland
  • New program website to be more user-friendly and responsive for all customers

To read more on First Home’s announcement as Top Producing Lender by the Maryland Department of Housing and Community Development, click here.

To learn more on how to get started with a Maryland Mortgage Program, contact a First Home Loan Officer.

$1,500 Closing Cost Assistance in Rhode Island and Florida

Looking to buy a home in Rhode Island or Florida?  This assistance may be perfect for you!  Rhode Island Housing and Florida Housing are both offering $1,500 in closing costs to qualified borrowers.  Rhode Island Housing is the state’s housing finance agency that ensures those who live or work in Rhode Island can secure a healthy, attractive home that meets their budget and needs.  Florida Housing provides a range of affordable housing opportunities for residents that help make Florida communities great places in which to live, work and do business.

Rhode Island Housing

In collaboration with Fannie Mae, Rhode Island Housing is offering a Summer Closing Cost Credit Program on all Fannie Mae purchase transactions.  This $1,500 credit is applied to the borrower’s closing costs (including prepaid charges and upfront) but may not be used for down payment.

Key Features:

  • Borrower’s income may not exceed 80% of applicable area median income ($57,680 is the current AMI for Rhode Island)
  • Applied only to Fannie Mae purchase transactions
  • For new loans starting July 20, 2017
  • Repayment not required

Florida Housing

Florida Housing will be giving borrowers $1,500 as a closing cost assistance grant.  These funds may only be used for additional closing cost assistance to first served, qualified borrowers on Conventional HFA Preferred and HFA preferred PLUS loans.

Key Features:

  • Credit qualifying income at 80% AMI or lower
  • Loan Application qualifying income (not based on household income)
  • Can be combined with HFA Preferred Loan with FL Assist DPA ($7,500, $9,000 total including closing cost grant)
  • Can be combined with 3% PLUS DPA product (3% of sales price plus additional $1,500 for closing cost assistance)

Contact a First Home Loan Officer today to learn more about RI’s and FL’s closing cost assistance before they run out!  Click Here.

ALERT- DC Open Doors Closing Cost Grant Special

DC Housing Finance Agency is offering a DC Open Doors Closing Cost Grant Special in the amount of $1,500.  This can only be used towards the borrower’s closing costs and the loan must be closing between June 9, 2017 and September 1, 2017.

Eligibility

  • Borrower must purchase a home in the District of Columbia
  • The borrower’s income must be at 80% or less of the Area Median Income ($88,240)
  • Grant is only available on a loan reserved/locked as a DC Open Doors HFA Preferred loan product (Fannie Mae loan with or without Down Payment Assistance)
  • DCHFA will provide a Grant Disclosure for the borrower to sign

Contact a First Home Mortgage Loan Officer today to see if you qualify.

 

This is not a guarantee to extend consumer credit as defined by Section 1026.2 of Regulation Z.  Programs, interest rates, terms and fees are subject to change without notice.  All loans are subject to credit approval and property appraisal.  First Home Mortgage Corporation NMLS ID #71603 (www.nmlsconsumeraccess.org).

Connect With Us