First Home Mortgage Unveils Groundbreaking Community Empowerment Initiative

BALTIMORE, Oct. 1, 2024 /PRNewswire/ -- First Home Mortgage is excited to announce the launch of its innovative Community Empowerment Initiative, marking a transformative new chapter in affordable housing. As a company deeply committed to fostering homeownership in underserved communities, this program stands as a bold step forward in expanding access to affordable housing for individuals and families across the region.

First Home Mortgage has long been the largest single participant in the Maryland Mortgage Program in addition to taking a leading role 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 and/or closing costs. With over $800,000 in grant funds distributed since inception, First Home Dream has made a significant impact.

This groundbreaking program is an extension of that commitment to First Home Mortgage's community, aimed at addressing the unique challenges faced by historically underserved populations, particularly in majority-minority census tracts. The Community Empowerment Initiative will help bridge the homeownership gap for those most in need by removing significant barriers that have prevented many from achieving their dream of owning a home.

The program will be available in select markets across Maryland, Washington D.C., Virginia, North Carolina, South Carolina, Tennessee, Massachusetts, and Rhode Island. Residents currently living in or planning to move to a majority-minority census tract will be eligible for this opportunity. One of the most exciting features of the initiative is a $5,000 grant, which eligible borrowers can use toward down payment and/or closing costs, providing a significant boost toward homeownership.

"We're thrilled to introduce the Community Empowerment Initiative," said Tim Whittier, President of First Home Mortgage. "This program builds upon First Home Mortgage's leadership position in a wide array of affordable housing programs and represents another powerful example of our continued commitment to the communities in which we serve."

First Home Mortgage has a long history of championing first-time homebuyers and low-to-moderate-income families. With over $13.49 billion in loans to more than 46,000 first-time homebuyers in the past decade, First Home Mortgage is a market leader in low-to-moderate-income lending. Our partnerships with state Housing Finance Agencies and our own internal initiatives have made significant impacts, and this new program builds on that legacy.

With an effective date of September 30, 2024, First Home Mortgage's Community Empowerment Initiative is set to open doors for countless individuals and families, reinforcing the company's legacy as a leader in affordable lending. This bold initiative reaffirms the company's dedication to empowering communities and expanding opportunities for homeownership.

For more information on the Community Empowerment Initiative or other lending options, please visit www.firsthome.com

About First Home Mortgage:
Founded in Baltimore, First Home Mortgage is a full-service residential mortgage lender that has been committed to offering innovative, affordable lending solutions for decades. Known for its leadership in affordable housing, First Home Mortgage continues to create pathways to homeownership for thousands of families across the region.

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SOURCE First Home Mortgage Corporation