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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.

By Mike Certo, NMLS #260555 ·

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 (round closed): Shared appreciation program, up to 20% of purchase price as down payment, repaid at sale or refinance. Its 2026 lottery round closed March 16, 2026 and no next round is announced as of July 2026; we help you get ready for a future window.
  • 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.

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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. It removes the sale contingency so you can compete in fast Bay Area and Southern California markets. Cornerstone's BBYS program lets you write a clean, non-contingent offer, underwritten on the equity in your existing California home plus the new purchase.

  • Common scenario: Contract Contingent on Buyer Sale (CCBS) deals where a California seller won't accept a contingent offer; BBYS removes the contingency so the offer reads as non-contingent.
  • Process: we underwrite the bridge alongside the new California purchase mortgage and close them concurrently or near-concurrently through escrow.
  • Audience: move-up California buyers plus listing agents in Los Angeles, Orange County, and the Bay Area who need their CCBS deal to actually close.

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Self-Employed Loans

Tax returns underrepresent self-employed income because of legal deductions, and standard underwriting punishes California's business owners for it. We run the alternative paths for California self-employed buyers: bank-statement loans (12 or 24 months), 1099 loans, and asset-qualifier loans that qualify on liquid assets.

  • Bank statement loans: qualify on 12 or 24 months of business deposits with expense-factor adjustments, a common fit for California agents and consultants.
  • 1099 loans: for California contractors, gig workers, real estate agents, and other 1099-only earners, qualified on documented 1099 income.
  • Asset-qualifier loans: qualify on liquid assets (cash, brokerage, retirement) divided over an asset-utilization period, useful for retired or equity-rich California buyers.

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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 in California: MD, DO, DDS, DMD, DPM, DVM, PharmD, Ophthalmology MD/DO, Psychiatry MD/DO, CRNA with DNAP/DNP.
  • A frequent fit for California's high price points: 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 at UCSF, Stanford, and Cedars-Sinai on resident income.

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Investor & DSCR Loans

For real estate investors buying California rental property. DSCR loans qualify on the property's rental income, not your personal California tax returns. We finance below a 1.0 DSCR, and sub-1.0 scenarios in markets like San Diego and Palm Springs are part of our investor menu. Short-term-rental products are available for California Airbnb and VRBO income along the coast and in Tahoe.

  • DSCR loans: qualify on the California property's rental income versus its debt service, not personal income.
  • Below 1.0 DSCR: we finance sub-1.0 scenarios, so talk through your specific California deal.
  • Short-term rental specific: Airbnb and VRBO-targeted DSCR products for California coast, Tahoe, and Palm Springs STR income.

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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. Our California first-time home buyer guide breaks down the 2026 program figures, income limits, and FICO floors program by program.

  • FHA: 3.5% down, 580+ FICO published (620+ practical overlay). Pairs with most California DPA programs.
  • USDA: Zero down in USDA-eligible California areas (more coastal coverage than buyers expect).
  • Conventional 97: 3% down, 620+ FICO. Pairs with CalHFA and GSFA DPA program options.

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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 shortly, 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.