Or
Our 1099 program program allows us to utilize 90% of 1099 income, rather than analyzing tax returns to determine expenses and net profit.
This is a conventional 30-year fixed loan and is available starting with a 10%+ down payment.
1-2 years+ of being in business, self-employed, is required.
It’s allowable to provide either 12 months of bank statements to document business income, or 24 months. 24 months will be potentially helpful to document stability of income.
This program is available for primary residences, second homes or investment properties, of one to four units. The maximum loan amount is $3,500,000. But higher down payments than 10% are needed once the loan amount rises over $1,500,000.
Pre-Qualify Now: https://ajaffe.firsthome.com/startapp
ajaffe@firsthome.com 240 – 479 – 7658
]]>
First responders or teachers will need to work full time in Maryland, and be buying their first home in Maryland. First time buyers are households that haven’t owned real estate within the past three years.
The program “First Homes for First Responders and Teachers” is available for properties throughout the state of Maryland. The program is available as a conventional, FHA, VA, or USDA loan.
The assistance is 5% of the loan amount and is repaid without interest to the state when you move out, sell, or refinance your home. Because the assistance loan of 5% is greater than the required down payment of 0%, 3%, or 3.5% of the purchase price, the funds go towards both down payment and closing costs.
You can check interest rates for MMP here. It’s only possible for us to reserve a loan for you with MMP on business days 11-5 after you have a signed purchase contract.
You can check the fine print on who is eligible as a first responder or teacher here.
There are household income caps for the program and you may view the 2026 limits here.
Are you ready to get started? You can block time for us to consult to help you see if this is the right program for you, via this link https://calendly.com/alexjaffe/30min
You can get started with pre-qualifying here: https://ajaffe.firsthome.com/startapp
ajaffe@firsthome.com 240 – 479 – 7658
]]>A primary residence is a home in which you live in as your principal residence, and typically occupy at least a majority of the year. In order to be eligible for financing a primary residence, at least one applicant must be occupying the property.
There are two other circumstances in which you may qualify for a primary residence loan even if you will not live in the property, and they are (this is quoted from Fannie Mae guidelines):
A second home has the same loan terms as a primary residence with the exception that these loans require at least ten percent down. There are many criteria for a property to be considered eligible to be financed as a second home. Generally, it won’t be within reasonable commuting distance of your work and it will be a property you will not rent (often). The home must make sense that it’d be utilized as a second home, and this decision is rendered by the underwriter.
Fannie Mae also has these specific requirements:
An investment property is owned but not occupied by the borrower. These loans come with greater down payment requirements and higher interest rates which are explained in this link. The primary reason why someone will purchase an investment property is for the potential income derived.
Here is the language on the occupancy clauses in the standard Fannie Mae / Freddie Mac deed of trust:
PRIMARY RESIDENCE
Borrower shall occupy, establish, and use the Property as Borrower’s principal residence
within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as
Borrower’s principal residence for at least one year after the date of occupancy, unless Lender otherwise
agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances
exist which are beyond Borrower’s control.
SECOND HOME
Occupancy. Borrower will occupy and use the Property as Borrower’s second
home. Borrower will maintain exclusive control over the occupancy of the Property,
including short-term rentals, and will not subject the Property to any timesharing or
other shared ownership arrangement or to any rental pool or agreement that requires
Borrower either to rent the Property or give a management firm or any other person
or entity any control over the occupancy or use of the Property. Borrower will keep
the Property available primarily as a residence for Borrower’s personal use and
enjoyment for at least one year after the date of this Second Home Rider, unless
Lender otherwise agrees in writing, which consent shall not be unreasonably withheld,
or unless extenuating circumstances exist which are beyond Borrower’s control.
Pre-Qualify Now: https://firsthome.com/loan-officers/alex-jaffe/
ajaffe@gofirsthome.com 240 – 479 – 7658
]]>1. The buyer does not pay for the recordation tax, which is .725%-1.45% of the sales price. Also, instead of the seller paying the transfer tax (1.1%-1.45%), that transfer tax is credited to the buyer. The net change is a reduction in cost to the buyer for 1.825%-2.9% of the sales price.
2. The buyer also will not pay for property taxes for five years. This, however, will not begin until the following October after buying. The homeowner won’t get their first bill showing property taxes not due until the following February after that. A purchaser in August 2026 would not see a tax bill showing $0 due until February 2027.
In order to be eligible and apply for these benefits, you should make sure to work with a title company in DC who is familiar with tax abatement so they can help you apply. Tax abatement is not possible to pursue with co-operatives.
There are income restrictions to the program based on household income. This is for everyone who will be living in the home, not necessarily just those who will own the home. These are the income limits effective October 1 2026:
1 Person Family: $89,760
2 Person Family: $102,540
3 Person Family: $115,380
4 Person Family: $128,160
5 Person Family: $138,420
6 Person Family: $148,680
7 Person Family: $158,940
8 Person Family: $169,200
Also, the sales price maximum is $591,200
Income limits update annually and the link to the application is here. You must apply at time of purchase, it’s not possible to apply after you purchase.
Pre-Qualify Now: https://firsthome.com/loan-officers/alex-jaffe/
ajaffe@firsthome.com 240 – 479 – 7658
]]>DC: .375% to .725 of purchase price
MD: .25% of purchase price.
In Maryland, home buyers who’ve never owned real estate in the state and are buying a primary residence are exempt from the state transfer tax, which saves .25% of the purchase price in closing costs.
In DC, the DC recordation tax rate is reduced to eligible buyers* to .725%. This is a .375% or .725% decrease in the transfer tax for other purchasers. The previous transfer tax would otherwise be 1.1% for purchases below $400,000 versus 1.45% for purchases $400,000 and above.
So on a $500,000 purchase price, this is a savings of $3625 in closing costs.
*The fine print for the program is spelled out here.
*But the key requirements are:
Income limits by household size, as of October 1 2026:
The maximum purchase price is $794,000 beginning 10/1/26.
Virginia does not have a transfer tax reduction for first time buyers, but the transfer tax rate in Virginia is lower than DC & MD anyway, as it is .33% of the purchase price and additionally .33% of the loan amount.
To proceed, pre-qualify now here
Questions? ajaffe@firsthome.com 240 – 479 – 7658
]]>