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Loan Origination Blog Posts

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What Causes Home Prices to Fluctuate?

The median sales price of a house in the United States is currently between $188,900- $279,500. There is such a large price range because many different factors can play into a home’s sales price. If you are looking to buy or sell soon, keep the following factors in mind when determining costs. The price of… Read More

Top Loan Originators in the Country 2018- Mortgage Executive Magazine

Once again, Mortgage Executive Magazine compiled a list of the Nations Top 1% of Mortgage Originators. To be eligible for such an achievement, each Loan Originator was required to produce a minimum of $30 million in 2018. These leading mortgage professionals continually dedicated their time and energy and worked extremely hard to make sure their clients received… Read More

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… Read More

HomeAbility Product from the Maryland Mortgage Program

The Maryland Mortgage Program has announced their new HomeAbility program to assist disabled homebuyers in Maryland with down payment and closing cost assistance. Up to 105% financing is available through HomeAbility. This new program will replace the Department’s previous Homeownership for Individuals with Disability Program (HIDP). Highlights of the Program First Mortgage – LTV of 80%;… Read More

Can You Buy a Home With Student Debt?

According to The Institute for College Access & Success, about 65% of college seniors who graduated in 2017 had student loan debt. In Maryland, the average amount of debt was $29,314. Many potential homebuyers think with a mound of student debt it will be nearly impossible to purchase a new home. Luckily, there are options… Read More

Maximum Conforming Loan Limits Announced for 2019

The Federal Housing Finance Agency (FHFA) announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2019. Starting January 1, 2019, in most of the U.S., the maximum conforming loan limit for one-unit properties will be $484,350, an increase from $453,100 in 2018. FHFA’s house price index… Read More

5 Home Loan Milestones

Buying a home may seem a bit complicated, and sometimes it can be. It is important to understand what to expect when preparing to buy a home, and what to expect during the home buying process. Below we’ve provided a short outline of the five main milestones of the home buying process. Pre-Qualification You’re ready… Read More

Why Is a Home No Longer Pending?

A pending sale means the seller has accepted an offer but the deal hasn’t closed yet. A property is placed in pending status when the contract is executed; when the contract is executed, in other words, the property is no longer defined as an active listing. A home will remain pending until all legal work… Read More

What Causes Rates to Fluctuate?

An interest rate is a percentage of the amount of a loan paid for the use of money for a specified time. More simply put, it is the rate of interest charged on your mortgage loan. Interest rates are volatile, meaning they can fluctuate sharply and regularly. There are many elements that affect your mortgage… Read More

What is Homebuyer Education, and Why Do You Need It?

Homebuyer education, also called housing or pre-purchase counseling, helps homebuyers prepare for the process of purchasing a home and the challenges of being a new homeowner. Some loan programs, like the Maryland Mortgage Program (MMP), require homebuyer education courses. Recently, the Maryland Mortgage Program has made updates to their homebuyer education requirements to simplify and… Read More