First Home Exclusive Programs
We offer several different types of loans and programs that are exclusive to First Home Mortgage customers.
Let us help you unlock the doors to homeownership!
- Eligible buyers can receive a $5,000 grant to help with down payment or closing costs.
- Take advantage of great loan options that keep your mortgage payments affordable.
- Lower monthly payments with reduced mortgage insurance premiums.
- You don't have to be a first time homebuyer to qualify!
- Buyers with incomes at or below 80% of the Area Median Income (AMI) are eligble.
- No mortgage insurance required.
- Down payments as low as 3%.
- Not limited to first-time homebuyers.
- Homeownership counseling for borrowers with previous homeownership experience may be waived.
- Significant price/rate incentives for eligible borrowers.
- Loans up to $766,500.
- Program eligibility is county and state based. Eligible states include CT, DC, FL, MD, NJ, and VA. Reach out for county information.
- Up to $3,000 in closing cost of down payment assistance to eligible homebuyers in the form of a First Home Mortgage Corporation grant.
- Homebuyers must meet low-to-moderate income level criteria, based on Area Median Income.
- Available only on conventional 3-year loans from Fannie Mae HomeReady and Fannie Mac Home Possible.
- Qualified buyers must contribute 1% toward the purchase of their home, and First Home Mortgage will contribute 2% (up to $5,500) towards the down payment and/or closing cost assistance.
- All borrowers must be at or below the 50% Area Median Income.
- Available only on conventional 30-year fixed purchase loans.
- This program offers benefits to all homebuyers, not just first time buyers.
- Education is required if all occupying borrowers are first time buyers.
- At least one borrower on the loan must be of an eligible profession, including licensed or certified medical professionals, police, firefighters, and teachers.
- Primary residence only.
- Does not need to be a first time homebuyer.
- For purchase loans only, refinances and renovations are not eligible.
- Eligible borrowers will have their application, underwriting, and processing fees credited back to them at time of closing, up to a maximum of $1,585.
Other Loans & Programs
Purchasing and Refinancing Loans
Fixed Rate
- Interest rate security
- Monthly payment stability
- Best for buyers planning to stay in their homes a long time
Adjustable Rate ("ARM")
- Low starting interest rate
- Lower monthly payments during the initial term
- Best for buyers planning to keep their loan for a shorter period
Jumbo
- Fixed and ARM options
- Loans up to $3 million
- Best for borrowers who are in the market for higher priced homes
Government Loans
FHA
- Down payment as low as 3.5%
- Flexible use of gifts and grants for down payment
- Best for borrowers with limited assets for purchase
VA
- Low to no down payment
- Refinance within the VA program without re-qualifying
- Specifically for eligible past and present United States Military service members and spouses
USDA
- Down payment not required
- Provide up to 100% financing
- Best for borrowers with limited assets looking to buy in rural areas