Skip to main content

D.C.-Area Lender Targets College Graduates

Phil Hall
Apr 22, 2015
The prospect of homeownership is increasingly dismal for those burdened with significant student loan debt, according to a national survey conducted by NeighborWorks America

First Savings Mortgage Corp., based in McLean, Va., is now offering a new program designed to open homeownership options to recent college graduates.

According to a Washington Post report, the lender’s new Graduate Loan Program is offering 90 percent loan-to-value loans, both adjustable and fixed-rate, ranging from $417,000 to $2 million without a mortgage insurance requirement. However, the program has some significant caveats: Applicants must have a credit score of 700 or higher, a maximum 40 percent debt-to-income, and be able to make a 10 percent minimum downpayment, with five percent of that money coming from personal funds. Borrowers must also show that they possess cash reserves of six to 18 months to cover all financial aspects of being a homeowner.

The program is currently limited to Washington, D.C.-area borrowers that received an undergraduate, graduate, doctorate or technical degree within the past three years for in medicine, legal, finance, engineering, education or a scientific subject.

Gregg Busch, first vice president of First Savings Mortgage, believed the current economic climate will enable a strong interest in the program. “We feel things have come around—jobs have improved and companies are hiring,” he said, adding that the program may be expanded to other markets as the economic recovery widens.

Published
Apr 22, 2015
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022
Nominations Open For Industry Titans Award

NMP Magazine to honor people who represent industry with professionalism.

Industry News
Sep 23, 2022
Fidelity National Names New HR Chief

Melissa Circelli previously held same position at Black Knight.

Industry News
Sep 23, 2022