First Home Mortgage is proud to announce the launch of its transformative Community Empowerment Initiative, a bold new program designed to make homeownership more accessible to underserved communities. This initiative marks a major step forward in the company’s ongoing mission to bridge the homeownership gap and expand affordable housing opportunities across the region.
As a long-standing leader in affordable housing, First Home Mortgage continues to play a crucial role in fostering homeownership for individuals and families. The new Community Empowerment Initiative builds on this legacy, targeting those who need it most—particularly residents in majority-minority census tracts—by removing key barriers that have historically hindered homeownership.
Continuing a Tradition of Impact
First Home Mortgage’s deep commitment to affordable housing is not new. The company has consistently been the largest single participant in the Maryland Mortgage Program, while also leading in many other state Housing Finance Agencies. In May of 2023, First Home Mortgage introduced the First Home Dream program, offering eligible borrowers a $3,000 grant toward their down payment or closing costs. Since its launch, the program has distributed more than $800,000 in grant funds, helping countless families achieve the dream of homeownership.
The Community Empowerment Initiative builds upon this solid foundation by offering a generous $5,000 grant to eligible borrowers in select markets. These funds can be applied toward down payments or closing costs, giving a substantial boost to those pursuing homeownership in Maryland, Washington D.C., Virginia, North Carolina, South Carolina, Tennessee, Massachusetts, and Rhode Island.
A Program Focused on Underserved Communities
This initiative is designed to meet the unique challenges faced by historically underserved populations. By offering targeted support to residents of majority-minority census tracts, the Community Empowerment Initiative aims to address longstanding disparities in homeownership rates.
“We’re thrilled to introduce the Community Empowerment Initiative,” said Tim Whittier, President of First Home Mortgage. “This program builds on our leadership in affordable housing and reflects our deep commitment to the communities we serve. It’s another powerful example of how we’re expanding opportunities for those who need it most.”
Leading in Affordable Housing
With a proven track record of success, First Home Mortgage has facilitated over $13.49 billion in loans to more than 46,000 first-time homebuyers in the past decade. The company’s partnerships with state Housing Finance Agencies and other internal initiatives have made a lasting impact on the housing landscape. The launch of the Community Empowerment Initiative continues this tradition of innovation and dedication to community upliftment.
The Path Forward
The Community Empowerment Initiative, effective September 30, 2024, promises to open new doors for individuals and families in need, providing crucial financial support to those pursuing homeownership. As a trailblazer in affordable lending, First Home Mortgage continues to empower communities, strengthen families, and create brighter futures.
