Start here
FHA 30-Year Fixed
The usual low-down path when credit and the property fit FHA. Primary residence.
Open the program
First-time buyers. Down payment is a map.
A first house in Southern California is usually FHA, a 3% conventional program, or a CalHFA layer on top of one of those. City and county assistance is a second question, and only when that program is actually open.
Elite Fundings is the mortgage broker for that file. The page names the paths. It does not approve the file.
USDA is not most of urban Los Angeles. A closed assistance round is not a loan. A rental uses the investor door.
Programs that match this borrower
Vismar Corporation dba Elite Fundings, NMLS #2046870. A program link explains the loan. It is not a rate quote and not a pre-approval.
On the current menu
Recent Credit Event (BK / FC / SS)
A bankruptcy, foreclosure, or short sale changes the path. Not limited to first-time buyers.
Open the program
Reviewed on the file
HomeReady (Fannie Mae)
Fannie Mae low-down program for eligible income. Not the same product as FHA.
Open the program
Reviewed on the file
Home Possible (Freddie Mac)
Freddie Mac low-down program. Income limits apply.
Open the program
Reviewed on the file
Conventional 30-Year Fixed
When credit, reserves, and down payment can carry a standard conventional file.
Open the program
Reviewed on the file
CalHFA MyHome Assistance
Deferred assistance layered on an eligible first mortgage. Income and price caps apply.
Open the program
Reviewed on the file
CalHFA Dream For All (Shared Appreciation)
Only when a voucher round is open. A closed round is not a program we can use.
Open the program
Reviewed on the file
USDA Rural Development Guaranteed
Zero down only in a USDA-eligible area. Most of urban Los Angeles is not.
Open the program
Questions from this borrower
Is a first-time buyer always an FHA loan?
No. HomeReady, Home Possible, and CalHFA exist. The condo, the income cap, and the credit file decide which one is even possible.
Do I need twenty percent down?
No. That is a myth on a primary residence. The published floors are lower, and they differ by program. Closing costs are a separate number, confirmed on the file.
Can you tell me I qualify from this page?
No. This page is the map. A pre-approval is a reviewed file.