First Home Mortgage
Your first home purchase is a significant decision. For most, it is the largest purchasing decision they will ever experience. Tom Cumpston and the team at First Home Mortgage are committed to providing a smooth nonstressful experience from pre-qualification through closing. If you are purchasing a home in Maryland, you can rely on Tom and his mortgage loan expertise to guide you to the best solutions and outcomes for your unique situation.
Tom Cumpston and the team First Home Mortgage team bring decades of experience to help ensure your loan process is as hassle and stress-free as possible. We work with many loan programs and help qualified borrowers align with a loan that best fits their needs.
We recommend that anyone interested in purchasing a home contact us to pre-qualify. Pre-qualification provides insight into whether an aspiring homeowner can buy a home, which programs that best fit their needs and an idea of how much they may qualify to purchase. Additionally, many homeowners and real estate agents prefer to work with potential buyers who already have a loan pre-approval.
Let us help you find the loan program that is best for you. Getting started is easy.
Conventional loans are non-government loans that meet terms and conditions established by Fannie Mae and Freddie Mac, who also guarantee these types of loans.
There are many types of conventional loans and they offer a variety of loan options for homebuyers. Tom Cumpston and the First Home Mortgage team provide expertise to homebuyers to help align them with the best loan options for the first home, next home or refinancing.
A fixed–rate mortgage (FRM) is a fully amortizing mortgage loan and the interest rate remains the same during the entire term of the loan.
Adjustable Rate (ARM)
Adjustable-rate mortgages are characterized by the method used to determine and apply interest rates based on a margin applied to an index.
The interest rate will vary throughout the life of the loan based on the loan’s terms. An ARM is expressed using two numbers. The first number specifies the amount of time the interest will remain fixed. After the fixed-rate period expires the ARM will either float for the remainder of the term of the loan or will adjust periodically as per the terms of the loan indicated in the second number of the ARM. (ie 2/28, 5/1, etc).
A jumbo mortgage (often referred to as a jumbo loan) exceeds limits established by the Federal Housing Finance Agency. This type of loan is not eligible to be guaranteed, purchases, or secured by Fannie Mae or Freddie Mac.
Government loans are subsidized by the government and protect lenders against defaults on payments. These types of loans make it easier for lenders to offer qualified borrowers lower interest rates. The goal of the government-backed loan is to make home ownership more accessible for lower-income households and first-time buyers.
FHA loans are originated by qualified lenders pursuant to guidelines established by the Federal Housing Administration (a division of HUD). In turn, the FHA provides mortgage insurance on these types of loans. An FHA loan is a great option for many first-time homebuyers and lower-income families who may find it easier to qualify for this type of loan vs. a conventional loan.
A VA loan is a home mortgage that is available for eligible Active Duty service members, United States Veterans, National Guard and Reservists, and surviving spouses. These loans are guaranteed by the U.S. Department of Veteran Affairs and are issued by qualified lenders.
USDA Loan: These loans typically offer lower interest rates and can be easier to qualify for vs a conventional loan. There are three types of USDA loan programs.
- Loan Guarantees: Guaranteed by the USDA, these types of loans are originated by qualified local lenders.
- Direct: These loans are issued directly by the USDA and are for very low and low-income households. These subsidized loans have requirements which vary by region.
- Home improvement loans and grants. These loans may combine a grant and a loan and are designed to help homeowners upgrade their homes or make repairs.
Renovation loans are available for borrowers seeking to make real improvements to their existing homes. New home buyers sometimes combine these types of loans with their mortgage to purchase to renovate a home they are buying.
An FHA 203K loan helps homeowners (or buyers) to combine the financing of a purchase or refinance loan with the costs of rehabilitation with a single mortgage. These types of loans backed by the FHA help fund a primary residence and its renovation and/or repairs with one mortgage.
Fannie Mae HomeStyle®
An Fannie Mae HomeStyle® is a type of loan that helps homebuyers purchase homes that require renovation.
HomeStyle® is a registered trademark of Fannie Mae.
Construction loans offer homeowners or builders and interim, short-term loan to pay for the construction of a home. The lender will pay out the funds in stages as the construction progresses. These loans usually have a maximum one year term and are issued with rates that fluctuate with the prime rate. During the construction project, the borrower will typically make interest-only payments.
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Maryland Mortgage Assistance
Other Lending Programs
Maryland Mortgage Assistance Program
Qualified borrowers may be eligible for The Maryland Mortgage Assistance Program. MMA is designed to help make mortgage payments and down payments more affordable.
The MMP offers eligible first-time homebuyers a special “1st Time Advantage” loan.
Maryland SmartBuy program. Do you have outstanding student loans? If your answer is yes and if it's $1000 or more, you might be eligible for this special financing program.
Maryland Home Credit. Eligible homebuyers can receive a federal tax credit valued at 25% of the mortgage interest payments (up to $2,000). This special tax credit can be applied annually for the life of the loan*. *Please consult a tax advisor.
Ask Us About Other MMA opportunities.
Income restrictions, minimum credit scores, CDA program requirements and qualifications apply.