Updated · Mike Certo, NMLS #260555
California Mortgage Programs
Cornerstone First Mortgage originates California mortgages through Mike Certo and his team of seasoned California-licensed loan officers. Below is the full menu of programs we run for California buyers — each one explained briefly with the key facts. For program-specific eligibility, income limits, FICO requirements, or to talk through your scenario, call (480) 296-6513 or contact us.
California Down Payment Assistance
Designed for first-time and repeat California buyers who need help with the down payment, closing costs, or both. Cornerstone is approved for both California state-level DPA programs and the major national DPA options. We run the full menu — California Housing Finance Agency (CalHFA) and Golden State Finance Authority (GSFA) programs plus national programs that work in California (Chenoa Fund, Arrive Home, Essex/NHF).
- CalHFA MyHome Assistance: Deferred-payment second mortgage paired with FHA, VA, USDA, or conventional first mortgage.
- CalHFA Dream For All: Shared appreciation program — up to 20% of purchase price as down payment, repaid at sale or refinance.
- GSFA Platinum Program: Down payment + closing cost assistance, pairs with FHA, VA, USDA, or conventional. Multiple LTV/FICO tiers.
- GSFA Golden Opportunities Program: Alternative DPA structure for buyers who don't fit the standard Platinum eligibility.
- ReCoverCA Homebuyer Assistance (DR-HBA): Disaster recovery DPA for fire and flood recovery zones (2017, 2018-2020, 2023-2024 allocations).
- National programs: Chenoa Fund (FHA-paired), Arrive Home (ITIN borrower path), Essex/NHF (multi-tier FHA/VA/USDA/conventional).
One DPA program per transaction. Specific eligibility (income limits, purchase-price caps, FICO thresholds, occupancy, FTHB status) varies — call to talk through your scenario.
Buy Before You Sell (BBYS)
Bridge financing for the move-up California buyer who needs to buy their next home before their current home sells. Removes the contingency from the offer — listing agents call this the deal-saver. Cornerstone's BBYS program lets the buyer write a clean offer; we underwrite the bridge based on equity in the existing home plus the new purchase.
- Common scenario: Contract Contingent on Buyer Sale (CCBS) deals where the seller doesn't want a contingent offer; BBYS removes the contingency and the offer reads as cash-equivalent.
- Process: We underwrite the bridge alongside the new purchase mortgage; close concurrently or near-concurrently.
- Audience: Consumer move-up buyers AND industry listing agents who want their CCBS deal to actually close.
Self-Employed Loans
Tax returns underrepresent self-employed income because of legal deductions. Standard mortgage underwriting punishes that. We run the alternative paths for California self-employed buyers: bank-statement loans (12 or 24 months), 1099 loans, and asset-qualifier loans (qualify on liquid assets without showing income).
- Bank statement loans: Qualify on 12 or 24 months of business bank deposits with expense-factor adjustments — not deposit gross.
- 1099 loans: For contractors, gig workers, real estate agents, and other 1099-only earners — qualify on documented 1099 income.
- Asset-qualifier loans: Qualify on liquid assets (cash, brokerage, retirement) divided over an asset-utilization period.
Jumbo & Medical Professionals
Loan amounts above conforming limits — full doc, alt doc, super jumbo (above $2M), plus the standout Medical Professionals program. Up to 100% LTV with NO PMI for physicians, dentists, and a specific list of credentialed medical roles. California has high purchase-price ranges, so jumbo is common — and Medical Professionals is a frequent California path for doctors at UCLA, UCSF, Stanford, Cedars-Sinai, USC, and across the state.
- Medical Professionals eligible: MD, DO, DDS, DMD, DPM, DVM, PharmD, Ophthalmology MD/DO, Psychiatry MD/DO, CRNA with DNAP/DNP.
- Up to 100% LTV at $1.5M with FICO 680; 100% at $2M with FICO 720; 95% at $2M with FICO 680.
- Student loan exclusion: Deferred and IBR student loans excluded from DTI for residents and fellows on resident/fellow income.
Investor & DSCR Loans
For real estate investors buying California rental property. DSCR loans qualify on the rental income of the property — not your personal income. We finance below the 1.0 DSCR ratio that most lenders treat as the floor. Short-term rental specific products available for California Airbnb / VRBO markets in the coast and ski regions.
- DSCR loans: Qualify on the rental income vs the property's debt service — not personal income.
- Below 1.0 DSCR: We finance scenarios most lenders refuse — talk through your specific deal.
- Short-term rental specific: Airbnb / VRBO-targeted DSCR products with experienced underwriting for STR income.
First-Time Home Buyer Loans
FHA, USDA, conventional with low down payment, and California DPA-paired structures. Designed for the California buyer with real-life income and credit — not a perfect-paper applicant. We pair the right first mortgage with the right CalHFA / GSFA / national DPA program for your specific scenario.
- FHA: 3.5% down, 580+ FICO published (620+ practical overlay). Pairs with most California DPA programs.
- USDA: Zero down for USDA-eligible California rural areas (more coastal coverage than buyers expect).
- Conventional 97: 3% down, 620+ FICO. Pairs with CalHFA and GSFA DPA program options.
Not sure which program fits?
Call (480) 296-6513 for a free consult, or send your scenario through the form below. Mike and his team review every California scenario and respond within one business day — no commitment, no salesy follow-up, just an honest read on what’s possible.
FAQ
What loan programs are available in California?
We originate conventional, FHA, VA, USDA, jumbo and high-balance, DSCR (investor), and down-payment-assistance-paired loans across California.
How much down payment do I need in California?
3% on conventional, 3.5% on FHA, and $0 down on VA or USDA for eligible buyers; California down-payment assistance can cover much of the rest.
What down payment assistance is available in California?
California DPA includes CalHFA (MyHome, Dream For All) and GSFA (Platinum, Golden Opportunities), plus national programs like Chenoa Fund. One DPA program per transaction.