First Savings Mortgage News
First Savings Mortgage Ranks Number One for the Fifth Consecutive Year
First Savings Mortgage Corporation has been ranked for 2018 as the number one lender by volume in the District of Columbia according to data compiled by Corelogic for the fifth year in a row. First Savings was fortunate to make the dream of homeownership a reality to many First Time homebuyers, which accounted for 44% of the company’s volume in 2018. The recent launch of a new 100% financing program for first time homebuyers will allow the company to keep up with the growing demand for this group.
VHDA Congratulates Our 2016 Top Producing Loan Officers
Congratulations to our very own Jerome Jones for being recognized as VHDA 2016 Top Producing Loan Officers!
Helicopter Factory Unit 7W Appraised and Closed at $2,300,000
Congrats to our very own The Busch Team for closing on the 7W Unit at The Helicopter Factory. This appraisal and sale is more than $800,000 above the highest recorded condo sale and $700,000 above the highest single-family in Columbia Heights based on MRIS data.
Lender offers special mortgage program for recent college grads
First Savings Mortgage Corp. in McLean has rolled out a program to help people who graduated from college within the past three years with a bachelors, masters, professional, doctorate or technical degree in medicine, legal, finance, engineering, education or a science to buy a primary residence. The mortgage program offers 90 percent loan-to-value loans of $417,000 to $2 million without requiring mortgage insurance. Both adjustable and fixed-rate loans are available.
Wary homeowners offered new ways to finance their next move
Hybrid ARMs have been available for years, but some new ones have been introduced recently. For example, Busch says, some lenders, including First Savings Mortgage and some credit unions, are offering 15/15 ARMs that reset only once after 15 years at a fixed rate. The balance is paid off over 30 years, which keeps payments lower than a 15-year loan.
First Savings Mortgage Introduces a Unique 6/1 ARM to the Washington DC Area
First Savings Mortgage Corporation has introduced a new 6/1 Adjustable Rate Mortgage (ARM) into the mortgage market...The two main advantages of the 6/1 ARM over shorter term ARMs are – longer payment certainty, and the ability to qualify borrowers at the start rate, which opens homeownership to more people.
Big Loans for Small Spaces
The Wall Street Journal
When Drew Hamlin and his partner bid on a townhouse this year in Washington, D.C's Stanton Park neighborhood, it helped that they went small with their choice of lender.
"We literally were told that it was our lender that sealed the deal," said Mr. Hamlin, a 36-year-old assistant principal in Virginia's Fairfax County Public School system. Mr. Hamlin and his 40-year-old partner, Warren Griffin, opted for a 4.75% jumbo loan with Bethesda, Md.-based First Savings Mortgage Corp., which had $490 million in jumbo originations in 2013, up from just $160 million in 2010.
They won out for the 2,289-square-foot end-unit Federal-style home with an offer of $961,000. Even though their combined income wasn't as high as the other bidders, Mr. Hamlin says the seller, an investor, had worked with First Savings before and liked the company. Their $850,000 loan took two weeks to close and required less than a typical 20% down payment.