First-Time Homebuyer Programs
Prism Mortgage Loans (PML) is an Approved First-Time Homebuyer Lender in Southern California offering the largest selection of down-payment assistance loan programs in the City of Los Angeles, Los Angeles County, Orange County and Riverside County.
If you have questions about the various First-Time Homebuyer loan programs, then look no further. PML is the one-stop lending source providing traditional and non-traditional loan products and programs.
Regardless of your current situation, we want to be your partner in planning to help you select the right loan for your family.
Down Payment Assistance Programs
Conventional & Government First Mortgage Programs:
CalHFA-FHA (Federal Housing Administration)
CalHFA-VA (Veterans Administration)
CalHFA-USDA (U.S. Department of Agriculture)
CalHFA-Zero Interest Program (ZIP)
First-Time Homebuyer Programs:
10% Forgivable Loans
FHA 3.5% - 5% Down Payment Assistance (Forgivable or Repayable)
Closing Cost Assistance (2% - 3%)
Subordinate Mortgage
CalHFA-My Home Assistance Program (My Home)
CalHFA-CalPlus Zip
Los Angeles County Development Authority (LACDA)
Mortgage assistance up to $85,000 or 20% of the purchase price whichever is less.
City of Los Angeles Housing Department (LAHD)
Mortgage assistance up to $140,000.
Orange County Mortgage Assistance Program
3% simple interest, deferred payment loan, 30-year term. Maximum loan amount $80,000
Riverside County First-Time Homebuyer Down Payment Assistance
Buyer receives what they need up to 20% of the purchase price. Maximum loan $75,000 or $100,000
Traditional Loan Programs
Conventional, FHA, VA, Reverse Mortgage, adjustable, statement only.
Home Equity Line of Credit (HELOC)
Standalone HELOC-Independent of who originated the loan
Piggback HELOC – Buyers can secure a new mortgage while simultaneously opening a HELOC
Temporary Interest Rate Buydowns
Seller-paid 1 and 2-year buydown option
Eligible on primary and 2nd home conventional loans
Eligible on primary FHA and VA loans
1031 Exchange
Exchange one investment property for another and pay no capital gains tax.
You double your commission-one on the sale & one on the purchase
Jumbo Loan/High Balance
$726,300
$1,089,300 for standard 1-unit properties.
Non-Traditional Loan Programs
DSCR (Debt Service Cover Ratio) Investment property loans based on rental income – no tax return required.
Statement only 12/24 moths
ITIN (No social security Card)
Foreign National (Reside in another country buying non-owner-occupied property)
Profit & Loss Statement
Non-QM
Credit Assistance
Buyers with low credit score
Get help with getting your financial house in order
Learn strategies to Improve your credit score
How Debt consolidation can lower your monthly payments