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

  1. Conventional, FHA, VA, Reverse Mortgage, adjustable, statement only.

  2. 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

  3. 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

  4. 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

  5. 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

 

Call Today and Achieve the American Dream of Home Ownership!