Buying a Home in a Gig Economy

A gig economy refers to a workplace in which temporary or flexible jobs are the norm, such as freelance or contract work, as opposed to permanent, full-time jobs.  There is no fixed salary, so income may be irregular and sometimes it may not even be documented.  Future income is also unpredictable while working freelance or contract jobs.  This may lead to some complexity if you are trying to obtain a mortgage, but it’s still possible.

So how do you get a mortgage when you don’t have a standard, full-time job?

First thing’s first; it’s time to get organized.  Start by getting your paperwork together.  You will need to provide copies of signed federal tax returns from the last two years and a year-to-date profit and loss statement.  You will also need a list of your debts (monthly payments such as car loans, credit card debt and/or student loans) and assets (checking and savings accounts, stocks, bonds and other securities).  Two years’ worth of documented income will also be reviewed.  Additional paperwork will also be required; the loan officer will keep you in the loop of what is needed.

Keep adding to your down payment.  Having a larger down payment will lower your loan-to-value ratio, or LTV.  The LTV is the relationship between the amount of the mortgage loan and the value of the property. The lower this ratio is (the larger amount you put for a down payment), the less risk you are as a borrower to repay your loan.

Pay down your debt.  Work to eliminate all of your debt, or get your balance as close to zero as possible.  Having a lower amount of debt will lower your debt-to-income ratio, or DTI.  Your DTI measures your ability to manage monthly payments and repay debts.  The lower your DTI is, the less risk you are as a borrower to repay your loan.  Repaying all of your debts, on time, is also a key factor in keeping your credit score high and healthy, which is important when obtaining a home loan.

Contact one of our loan officers to see how to get the ball rolling.  Having an informational conversation will educate you on what to expect during the home buying process and what type of paperwork will be required.  Having this initial conversation does not require you to apply for a mortgage, but it will give you the insight needed when you are ready to purchase a home.

How to Win in a Competitive Market

It’s a seller’s market in the mortgage world these days. That means there are more buyers looking to purchase homes than there are homes for sale, giving way to some strong competition. Properties may be going off of the market more quickly since there is higher interest, and they may be selling for more than the asking price. So how are you supposed to beat out the competition? Take these tips into consideration the next time you find yourself in a seller’s market.

Be proactive.

Homes may go off the market lightning fast in a seller’s market, so be ready to act fast. Research houses in your preferred neighborhood a few months before you are ready to buy to get a feel for the market. This will help you determine what the typical price range is and how quickly homes are sold. When you are ready to purchase and have found a home, if possible, try and schedule a tour before the weekend open house. This will give you an advantage over other buyers to put in an offer before they even see the house.

Get pre-approved.

When buying in a competitive market, you should always be as prepared as possible. First, start by getting pre-approved. Getting pre-approved shows the seller you are serious and ready to buy. Having your finances in order indicates you have the means to purchase the house and won’t need to back out of the contract for financial reasons. Your pre-approval letter will show how much you can afford and what type of mortgage is best for you.

Make a strong offer.

Bringing your strongest offer to the table may save time by eliminating a negotiation period or bidding war. A seller may not want to deal with the hassles of negotiating, so if you present a solid offer, it may have a better chance of being accepted right away. Also, bringing your strongest offer will save you time, and probably money, by taking you out of a bidding war. Presenting an offer that is much lower than the asking price could deter the seller and they will take your offer right off the table. If you have done your due diligence, you will know the best offer to make.

Get personal.

Writing an additional letter to the seller, along with your offer letter, may help you stand out against other buyers. If you plan on making the house your forever home, write a formal letter to the seller explaining how you envision your family in the home. Maybe you see yourself cooking breakfast for your family every morning in the kitchen, or describe how you can see your kids playing in the backyard on sunny days. Adding a personal touch to your offer may give you an advantage over your competition.

It’s a tough market out there right now, but with the right mindset and game plan, you will be enjoying your new house in no time!

If you are ready to get started, contact one of our loan officers.

Pre-Qualification vs. Pre-Approval

You’ve heard the terms pre-qualification and pre-approval, but what do they mean? They are the same thing, right? Not quite! The terms have been used interchangeably, but their true definitions differ. We’re going to break it down and explain the difference between the two.

Pre-qualification

The very first step to take if you are ready to start your new home search is to get pre-qualified. This is a no-cost, no-commitment, 10-20 minute analysis that will give you a great starting point for your new home loan. You can do this in-person or on the phone with a loan officer, or in most cases complete an online form. You will need to provide some basic information such as income, current monthly debts and credit score, but typically you won’t need to provide any documentation. By providing these items, your lender will be able to determine an estimate of your maximum monthly mortgage payment and how much you can borrow. These aren’t concrete numbers, more of a gauge so you know your price range.

Pre-approval

Once you have been pre-qualified, the next step would be to get pre-approved. This process is more involved, requiring more paperwork and the help of a loan officer. Documents you typically need to provide are copies of your paystubs, bank statements and tax returns; additional documents may be needed as well. The loan officer will also pull your credit report to get a better understanding of your credit history and financial situation. Once your information has been reviewed, your loan officer will provide you a pre-approval letter stating how much you are approved to borrow. Having a pre-approval letter can give you a competitive edge against other buyers; it shows the seller you are serious and ready to buy.

You should refrain from making large purchases and incurring new debt at this time, as this can affect your pre-approval amount. Keep in mind getting pre-approved does not mean final approval; once you put an offer on a home and the offer has been accepted, the loan will still need to go through processing and underwriting before final approval is granted.

Getting pre-approved will help speed up the home buying process since you will have a solid foundation of information. Once you are pre-approved, you are on your way to homeownership! Contact one of our loan officers to get started.

What Happens at Closing

You’ve made it to the final step in the home buying process, closing. After all of the settlement documents have been signed and funds distributed, ownership of the property will transfer and the house is finally yours! Here’s what you can expect in the days leading up to your closing.

Prior to Closing

At least 3 days prior to closing, you will receive your initial closing disclosure (CD). This document shows your closing costs, terms of the loan and how much money you need to bring to closing. Review this document carefully to make sure all the fees are correct. If you have questions or fees do not look correct, don’t be afraid to reach out to your loan officer. You should already have the date and time for settlement, but it won’t hurt to confirm with your settlement agent. If you are taking time off of work, give yourself at least a couple of hours for settlement. Your settlement agent should have also discussed wiring closing funds to them.

Closing Day

What to Bring
If you have wired your money to the title company, bring the proof of wire transfer and also your checkbook in case there are any last minute changes to the CD. Be sure to bring your ID, driver’s license or passport.

Who Attends
There are a few people who may attend closing. Your real estate agent and title insurance company/settlement agent will be there to guide you through closing and make sure everything runs smoothly. Your loan officer may attend if he or she is able. Sometimes the seller and their agent will attend, but often times the seller will sign their documents prior or at a different location, which is totally fine!

Signing Documents
Your hand is going to get a workout today! There are many different documents to sign at closing. Make sure your name shows the correct spelling and the property address is correct on all docs. If there are any mistakes, let your settlement agent know so they can be corrected. A few of the most important documents you are going to sign are the CD, deed, deed of trust (DOT) and note. The CD shows your closing costs, terms and cash to close. The deed transfers ownership of the property from the seller to you. The deed of trust (mortgage) pledges the property as security for repayment of the note. The note is a promise to repay your mortgage and it has the amount owed, interest rate, dates due and length of repayment. Your closing package may consist of 30-40+ documents.

Getting the Key
Once all of the documents have been reviewed and signed, you get the keys and the house is yours. Time to start enjoying your new home!

Breaking Down Homeownership Programs

Buying a home is a big, if not the biggest, purchase you are going to make. You may have heard there are a lot of costs when it comes to buying, and hearing the word “down payment” may strike a small sense of panic, but it doesn’t have to! There are many programs offered to help home buyers afford their dream house.

State Housing Finance Agencies offer state specific programs to residents who need help purchasing a home. These programs can be in the form of a loan or grant, and assist with closing costs, down payment, and even student debt relief.

A few of our most popular homeownership programs are geared for home buyers looking to purchase in the state of Maryland and Washington DC. Take a look below to see just a few options that are available.

DC Open Doors– DC Open Doors is a program offered by the DC Housing Finance Agency (DCHFA) and provides borrowers with options to purchase in the District of Columbia. Qualified first time homebuyers and repeat buyers are eligible for the program. DC Open Doors provides:

  • Down payment assistance loans (DPAL) available to qualified borrowers in the full amount of your required minimum down payment, requiring less up-front money out of your pocket.
  • DPAL is a 0% interest rate, 5-year forgivable loan, meaning you only have to repay the loan if you sell, refinance or no longer occupy the property within the first 5 years.

DC Home Purchase Assistance Program (HPAP) – Available to first time homebuyers providing assistance with down payment and closing costs. HPAP provides:

  • Down payment assistance up to $80,000 based on household income.
  • Closing costs assistance for 4% of the home purchase price or $4,000 (whichever is less).

Maryland Mortgage Program (MMP) – The Maryland Mortgage Program is offered by the Maryland Department of Housing and Community Development and provides borrowers with program options to purchase in the state of Maryland. The 3 main loan program types available through MMP are:

  • Grant Assist: Provides up-front financing to assist borrowers with down payment and closing costs. Grants do not need to be repaid.
    • Special Assistance Grant Program: Grant of $1,500 or $2,500 (depending on the Area Median Income). May be combined with other MMP conventional loans.
    • Flex 4% Grant: Grant of 4% of the first mortgage. May not be combined with other MMP programs.
  • Loan Assist: Provides up-front financing to assist borrowers with down payment and closing costs.
    • 1st Time Advantage 3% Assistance: No-interest second loan equaling 3% of the first mortgage. No payments are due on the second loan until the first mortgage is paid off, refinanced or transferred.
    • SmartBuy 2.0: Helps qualifying homebuyers pay off student debt during the purchase of their home.
  • Rate Assist: Provides low interest rate options for homebuyers which lowers the monthly payments.
    • Maryland Preferred Rate: Offered on 30-year, fixed rate loans. Cannot be combined with closing cost or down payment assistance.

There are also a number of other state specific agencies, such as Virginia Housing Development Authority (VHDA), Rhode Island Housing (RIH), and MassHousing, to name a few. It’s always a good idea to know all of your options, and which one is best before you take the plunge. All of our loan officers have a wealth of knowledge on each of these programs and will be able to provide you with additional information. Be sure to contact one of them today to find your best option!

 

*Conditions and guidelines vary depending on the agency

When to Consider a Renovation Loan

Sometimes you find a great house, but it needs a little bit of TLC. That is where a renovation loan comes in to the picture. A renovation loan, or 203(k), makes the process easier by allowing you to combine your renovation costs into your mortgage, helping you fund your home improvements. That means one loan and one closing, and a lot less stress on you!

There are a few different types of renovation loans offered that help fund minor repairs to major rehabilitation. Take a look at the overview below and decide which one will help you complete your dream home.

Standard 203(k) Mortgage Program: Use this program if you are looking to do large scale renovations, remodeling and repairs, and when a 203(k) consultant is required.

  • No maximum repair cost amount, minimum $5,000 in eligible improvements required.
  • Renovating/Remodeling: converting a 1-family structure to a 2-4 family structure, alterations such as repair or replacement of structural damage, constructing a garage, creating accessibility for persons with disabilities.
  • Repairs: fixing HVAC systems, decks, patios, porches, well and/or septic systems.
  • Energy conservation improvements: adding insulation, replacing windows and doors, install energy efficient lighting.
  • Landscaping.
  • May not be used for luxury items that do not become a permanent part of the property: swimming pools and hot tubs, bath houses, outdoor fireplaces, gazebos.
  • Minimum down payment of 3.5% for purchases, 2.25% for rate/term refinances.
  • Owner-occupied property only.

Limited 203k Mortgage Program: This program may only be used for minor remodeling and non-structural repairs. A 203(k) consultant is not required, but may be used for the project.

  • Maximum repair cost $35,000.
  • Improve house function and modernization: installing a new refrigerator, cooktop, oven, dishwasher, and/or washer/dryer, installing smoke detectors.
  • Connecting to public water and sewage systems.
  • Installing or repairing fences, walkways, and driveways, repairing old or damaged siding, gutters and downspouts.
  • May not be used for luxury items that do not become a permanent part of the property: swimming pools and hot tubs, bath houses, outdoor fireplaces, gazebos.
  • Repairs and improvements are completed in 6 months or less.
  • Minimum down payment of 3.5% for purchases, 2.25% for rate/term refinances.
  • Owner-occupied property only.

Fannie Mae HomeStyle® Renovation Mortgage: There are no required improvements or restrictions on the types of renovations allowed.

  • No minimum dollar amount required for improvements, however, a HUD-approved consultant must be used when repairs and renovations exceed $15,000.
  • May be used to complete final work on a newly built home when the home is at least 90% complete, remaining improvements must be related to completing non-structural items such as installation of buyer-selected items (flooring, cabinets, kitchen appliances, fixtures, and trim, etc.).
  • May not be used for complete tear-down and reconstruction.
  • May be used to construct outdoor buildings and structures such as swimming pools, garages, recreation rooms and accessory units.
  • Repairs and improvements are completed in 6 months or less.
  • Minimum down payment is dependent upon transaction type (3-25% required).

 

Already own your home but need to make some updates and repairs? We also offer renovation loans for refinances.

 

Contact a First Home Loan Officer in your area to discuss which option best fits your needs.

 

 

HomeStyle® is a registered trademark of Fannie Mae.

When is the Best Time to Buy a House?

Each season has its own highlights and downfalls of buying, so when is the best time to purchase a new home? Take a look at the information below to help you navigate the buying seasons.

Spring/Summer

Pros:

  • More Inventory: Most sellers choose to list their properties in spring/summer, so there are more options for homebuyers.
  • Family Time: Better time for moving since you don’t have to worry about the kids being in school and after school activities getting in the way.
  • End of Summer Price Drop: As autumn months approach, home prices may take a slight dip in price, making them more affordable.
  • Buying and Selling: If you are looking to sell your current home as well as purchase a new one, it may be easier during spring/summer months since there is more demand.

Cons:

  • Higher Competition: More buyers are searching for homes so the chances of you making the only offer are slim.
  • Peak Prices: More competition means more bidding wars and less room for negotiation, this can lead to paying more than the list price.
  • Time: Since there is a higher demand for houses, listings are flying off the market, giving you less time to decide which home is right for you.
  • Busy Realtors: Your realtor may be working with other buyers during this busy time, so you may not get the response rate you are expecting.

 

Fall/Winter

Pros:

  • Better Deals: Home prices typically drop once the winter months roll in, making them more affordable than spring/summer months.
  • Motivated Sellers: Sellers will be more open to negotiate and accept your offer since their houses have been listed for a longer period of time.
  • Lower Competition:  Since spring/summer is a more ideal time to buy, there will be a lower amount of buyers during the winter months, giving you more time to make decisions.
  • Cold Weather Performance: Visiting a house in the winter can give you a general idea of how the house performs during winter months (whether the rooms stay warm, drafts through doors and windows etc.)

Cons:

  • Lower Inventory: If houses didn’t sell in spring/summer, listings are usually removed once holiday season approaches.
  • Winter Weather: House hunting and/or moving in winter can be pretty terrible; colder temperatures and inclement weather can make visiting properties or moving boxes unenjoyable.
  • Holiday Season: People are busy during the holidays, so sellers/agents may not be available to show their homes as frequent.
  • Curb Appeal: There is a lack of greenery and landscaping in winter, making the house seem bland and less attractive.

 

While the tips above can be helpful points to consider, the main thing to remember is the best time to buy a house is when you are ready! When that time comes, contact a First Home Loan Officer in your area to guide you throughout the process.

First Home Named Top Mortgage Lender

Scotsman Guide, the leading resource for Mortgage Originators, has released its 6th annual Top Mortgage Lenders. First Home Mortgage has been ranked 44th in Top Overall Volume in the nation.

Since 2012, Scotsman Guide has been a platform for the nation’s best performing mortgage companies to showcase their success. The publication releases rankings based on data provided by top lenders interested in being recognized for their outstanding performance. All the companies named as a “Top” lender follow a thorough and comprehensive verification process, which makes their achievement accurate and reliable.

To be eligible for such an achievement, First Home Mortgage needed to have the top loan volume from mortgages on one- to four-unit residential properties within the United States. First Home has exceeded these qualifications to be one of the top-producing, best lenders in the country.

Scotsman Guide will display their list of the country’s Top Mortgage Lending Companies in their June 2018 residential edition.

Congratulations First Home Mortgage Corporation and its phenomenal employees who made this achievement happen!

First Home Mortgage Recognized as the Best for 2018

The results are in! Ask a Lender recently released their most comprehensive rankings of the Best Mortgage Lenders in the nation in several categories, including Best Mortgage Lenders, Best First-Time Homebuyer Lenders, Best FHA Mortgage Lenders, among several other categories.  Many of First Home Mortgage’s Loan Officers have been recognized as the best in each of these categories, per state.  This incredible achievement reflects the dedication of our Loan Officers to their borrowers throughout the entire mortgage process and their continued support long after a loan has closed.  Each member of the FHMC team is focused on delivering customer service that not only fulfills goals, but exceeds expectations.

Ask a Lender was created by Scotsman Guide Media Inc., a national business-to-business magazine that provides lender-search resources nationwide.  As a client, Ask a Lender gives access to an online platform that will connect you with the top lenders in your area, giving you the opportunity to contact your matches and compare offers.

Ask a Lender’s Best of the Best lists for 2018:

BEST MORTGAGE LENDERS BEST FHA MORTGAGE LENDERS
Neil Bourdelaise-Florida
Ryan Paquin-Maryland
Kari Story-Maryland
David Toaff-Maryland
Alex Jaffe-Maryland
Michael Taylor-Maryland
Tammi Lewis-Maryland
Pete O’Donnell-Maryland
Scott Story-Maryland
Robert O’Connell-Maryland
James Moran-Maryland
Ayaz Rahemanji-Maryland
David Strassner-Maryland
Eric Short-Maryland
Samuel Kotzur-Maryland
Darren Rickwood-Maryland
Tom Cumpston-Maryland
Jeffrey Halbert-Maryland
Tony Olmert-Maryland
Tim Reinhart-Maryland
Derek Schwarz-Maryland
Anne Borghesani-Massachusetts
Michael Nadeau-Massachusetts
David Licciardi-Massachusetts
Karen Dulmage-North Carolina
Sal Savastano-Rhode Island
John Savastano-Rhode Island
Gabe Tuvek-South Carolina
Bill Payne-South Carolina
Derek Evans-Virginia
Carolyn Flitcroft-Virginia
Marc Aymard-Virginia
Heather Devoto-Virginia
Jake Ryon-DC
Neil Bourdelaise-Florida
Tammi Lewis-Maryland
Ryan Paquin-Maryland
Michael Taylor-Maryland
Tom Cumpston-Maryland
Pete O’Donnell-Maryland
Jeff Halbert-Maryland
Robert O’Connell-Maryland
Ayaz Rahemanji-Maryland
Derek Schwarz-Maryland
Olu Ajayi-Maryland
Alex Jaffe-Maryland
Scott Story-Maryland
David Toaff-Maryland
Tim Milauskas-Maryland
David Strassner-Maryland
Brian Foss-Maryland
Brian McDermott-Maryland
Jeffrey St. Clair-Maryland
Cathy Ocharzak-Maryland
Eric Short-Maryland
Marshall Feldman-Maryland
Tim Reinhart-Maryland
James Moran-Maryland
Darren Rickwood-Maryland
Ann Palrang-Maryland
Chris Sittig-Maryland
Annaliese Baamonde-Maryland
Brian Coleman-Maryland
Hillary Cochin-Maryland
David Licciardi-Massachusetts
Michael Nadeau-Massachusetts
Anne Borghesani-Massachusetts
John Dolbec-Massachusetts
Nathan Hartseil-Massachusetts
Karen Dulmage-North Carolina
Sal Savastano-Rhode Island
Patricia Vargas-Rhode Island
John Savastano-Rhode Island
David Travers-Rhode Island
Gabe Tuvek-South Carolina
Derek Evans-Virginia
Jeff Richards-Virginia
David Black-Virginia
Clay Carroll-Virginia
Bruce Rosenberger-Virginia
Marc Aymard-Virginia
Heather Devoto-Virginia
Licela Rojas de Barriga-Virginia
Ingrid Rapavy-DC
Jake Ryon-DC
BEST VA MORTGAGE LENDERS BEST LOW-CREDIT MORTGAGE LENDERS
Neil Bourdelaise-Florida
Pete O’Donnell-Maryland
Marshall Feldman-Maryland
James Moran-Maryland
Ryan Paquin-Maryland
Tim Milauskas-Maryland
David Toaff-Maryland
Darren Rickwood-Maryland
Michael Taylor-Maryland
Scott Story-Maryland
Jeff Halbert-Maryland
Brian Foss-Maryland
Tammi Lewis-Maryland
Tony Olmert-Maryland
Ayaz Rahemanji-Maryland
Chris Sittig-Maryland
Brian McDermott-Maryland
Eric Short-Maryland
Jeff St. Clair-Maryland
Alex Jaffe-Maryland
Robert O’Connell-Maryland
Anne Borghesani-Massachusetts
Karen Dulmage-North Carolina
John Savastano-Rhode Island
Gabe Tuvek-South Carolina
Bill Payne-South Carolina
Heather Devoto-Virginia
Marc Aymard-Virginia
Carolyn Flitcroft-Virginia
Derek Evans-Virginia
Ann Flaherty-Virginia
David Black-Virginia
Bruce Rosenberger-Virginia
Jeff Richards-Virginia
Paul Nagel-Virginia
Jake Ryon-DC
Neil Bourdelaise-Florida
Ryan Paquin-Maryland
Kari Story-Maryland
David Toaff-Maryland
Alex Jaffe-Maryland
Michael Taylor-Maryland
Tammi Lewis-Maryland
Pete O’Donnell-Maryland
Scott Story-Maryland
Robert O’Connell-Maryland
James Moran-Maryland
Ayaz Rahemanji-Maryland
David Strassner-Maryland
Eric Short-Maryland
Samuel Kotzur-Maryland
Darren Rickwood-Maryland
Tom Cumpston-Maryland
Jeff Halbert-Maryland
Tony Olmert-Maryland
Tim Reinhart-Maryland
Derek Schwarz-Maryland
Todd Pede-Maryland
Tim Milauskas-Maryland
Brian Foss-Maryland
Cathy Ocharzak-Maryland
Rob Mercer-Maryland
Marshall Feldman-Maryland
Brian Coleman-Maryland
Chris Sittig-Maryland
Brian McDermott-Maryland
Travis Vollmerhausen-Maryland
Hillary Cochin-Maryland
Jeff St. Clair-Maryland
Olu Ajayi-Maryland
Anne Borghesani-Massachusetts
Michael Nadeau-Massachusetts
David Licciardi-Massachusetts
John Dolbec-Massachusetts
Nathan Hartseil-Massachusetts
Karen Dulmage-North Carolina
Sal Savastano-Rhode Island

John Savastano-Rhode Island
Patricia Vargas-Rhode Island
David Travers-Rhode Island
Gabe Tuvek-South Carolina
Bill Payne-South Carolina
Derek Evans-Virginia
Carolyn Flitcroft-Virginia
Marc Aymard-Virginia
Heather Devoto-Virginia
Bruce Rosenberger-Virginia
Jeff Richards-Virginia
Clay Carroll-Virginia
David Black-Virginia
Ann Flaherty-Virginia
Paul Nagel-Virginia
Jake Ryon-DC

Ingrid Rapavy-DC
BEST USDA HOME LENDERS BEST LOW DOWN PAYMENT LENDERS
James Moran-Maryland
Darren Rickwood-Maryland
Eric Short-Maryland
Ryan Paquin-Maryland
Jeff Halbert-Maryland
Brian Foss-Maryland

Cathy Ocharzak-Maryland
Anne Borghesani-Massachusetts
Neil Bourdelaise-Florida
Ryan Paquin-Maryland
Kari Story-Maryland
David Toaff-Maryland
Alex Jaffe-Maryland
Michael Taylor-Maryland
Tammi Lewis-Maryland
Pete O’Donnell-Maryland
Scott Story-Maryland
Robert O’Connell-Maryland
James Moran-Maryland
Ayaz Rahemanji-Maryland
David Strassner-Maryland
Eric Short-Maryland
Samuel Kotzur-Maryland
Darren Rickwood-Maryland
Tom Cumpston-Maryland
Jeff Halbert-Maryland
Tony Olmert-Maryland
Tim Reinhart-Maryland
Derek Schwarz-Maryland
Todd Pede-Maryland
Tim Milauskas-Maryland
Brian Foss-Maryland
Cathy Ocharzak-Maryland
Rob Mercer-Maryland
Marshall Feldman-Maryland
Brian Coleman-Maryland
Chris Sittig-Maryland
Brian McDermott-Maryland
Travis Vollmerhausen-Maryland
Hillary Cochin-Maryland
Jeff St. Clair-Maryland
Olu Ajayi-Maryland
Anne Borghesani-Massachusetts
Michael Nadeau-Massachusetts
David Licciardi-Massachusetts
John Dolbec-Massachusetts
Nathan Hartseil-Massachusetts
Karen Dulmage-North Carolina
Sal Savastano-Rhode Island
John Savastano-Rhode Island
Patricia Vargas-Rhode Island
David Travers-Rhode Island
Gabe Tuvek-South Carolina
Bill Payne-South Carolina
Derek Evans-Virginia
Carolyn Flitcroft-Virginia
Marc Aymard-Virginia
Heather Devoto-Virginia
Bruce Rosenberger-Virginia
Jeff Richards-Virginia
Clay Carroll-Virginia
David Black-Virginia
Ann Flaherty-Virginia
Paul Nagel-Virginia
Jake Ryon-DC
Ingrid Rapavy-DC
BEST MORTGAGE REFINANCE LENDERS BEST FIRST-TIME HOMEBUYER LENDERS
Ryan Paquin-Maryland
Pete O’Donnell-Maryland
Scott Story-Maryland
Jeff Halbert-Maryland
David Strassner-Maryland
Anne Borghesani-Massachusetts
David Licciardi-Massachusetts
Michael Nadeau-Massachusetts
Sal Savastano-Rhode Island
John Savastano-Rhode Island
Neil Bourdelaise-Florida
Ryan Paquin-Maryland
Kari Story-Maryland

David Toaff-Maryland
Alex Jaffe-Maryland
Tammi Lewis-Maryland
Michael Taylor-Maryland
Robert O’Connell-Maryland
Ayaz Rahemanji-Maryland
Pete O’Donnell-Maryland
James Moran-Maryland
Scott Story-Maryland
Rob Mercer-Maryland
Eric Short-Maryland
Darren Rickwood-Maryland
Samuel Kotzur-Maryland
David Strassner-Maryland
Tom Cumpston-Maryland
Derek Schwarz-Maryland
Tim Reinhart-Maryland
Tony Olmert-Maryland
Todd Pede-Maryland
Brian Foss-Maryland
Jeff Halbert-Maryland
Cathy Ocharzak-Maryland Tim Milauskas-Maryland
Marshall Feldman-Maryland
Brian Coleman-Maryland
Hillary Cochin-Maryland
Jeff St. Clair-Maryland
Chris Sittig-Maryland
Anne Borghesani-Massachusetts
Michael Nadeau-Massachusetts
David Licciardi-Massachusetts
John Dolbec-Massachusetts
Karen Dulmage-North Carolina
Sal Savastano-Rhode Island
John Savastano-Rhode Island
Patricia Vargas-Rhode Island

Gabe Tuvek-South Carolina
Bill Payne-South Carolina
Derek Evans-Virginia
Carolyn Flitcroft-Virginia
Heather Devoto-Virginia
Marc Aymard-Virginia
Clay Carroll-Virginia
Bruce Rosenberger-Virginia
David Black-Virginia
Jeff Richards-Virginia
Ann Flaherty-Virginia
Jake Ryon-DC
Ingrid Rapavy-DC

 

 

The loan officer’s in bold are ranked in the top ten of their state.

For more information on the rankings, visit Ask a Lender, or contact one of our Loan Officer’s, today.

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.

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