Blog
Rental income
We’re able to consider rental income in qualifying on a loan application, subject to these underwriting rules that are within written lending guidelines. There are three different categories of rental income: Rental income from investment properties currently owned. Projected rental income from the property being purchased Rental income that’ll be in place for the applicant’s…
Read MoreHeroes
We’re proud to launch First Home Heroes, to recognize the heroes in our community. First Home Mortgage is now crediting back / covering lender fees for first responders, teachers, and medical professionals. This leads to a savings in closing costs of up to $1,935 and it’s our way of saying “thank you” to the…
Read MoreHousing Solstice
I’m Alex Jaffe, I work for First Home Mortgage, and we finance homes here in DC, MD and VA. I’m going to explain how financial conditions are impacting the housing market, why in 2022 so many Americans lost interest in purchasing a home which was a reversal from last year, and why we all have…
Read More2023 Loan Limits
Each year the Federal Housing Finance Agency (FHFA) announces changes to loan limits based on changes to average home prices. For 2023, loan limits effective and available today are Conforming: $726,200 Conforming Jumbo: $1,089,300 These numbers are increases from the 2022 numbers of $647k & $970k. A conforming loan allows 3% down (if you’re a…
Read MoreCP
We offer construction-to-permanent (CP) financing which finances construction/building of a new property that’ll be your home (primary residence). This loan can be utilized and be combined with financing and purchasing the land, or on land you already own. CP financing is similar to renovation financing, but CP financing does not require there be an existing…
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