Top Mortgage Programs for First-Time Home Buyers in Cerritos

Buying your first home in Cerritos, California, is an exciting journey, but navigating the mortgage options can be overwhelming. Fortunately, there are several programs designed specifically for first-time home buyers to make homeownership more accessible and affordable. At The Lending Mamba, we specialize in helping first-time buyers find the best mortgage programs tailored to their needs. Below are some top mortgage options in Cerritos.

1. FHA Loans (Federal Housing Administration Loans)

FHA loans are one of the most popular choices for first-time home buyers due to their low-down payment requirements and flexible credit score criteria.

Down Payment: As low as 3.5%

Credit Score Requirement: Minimum 580 (or 500 with a 10% down payment)

Benefits: Lower interest rates, easier qualification process

Best For: Buyers with limited savings or lower credit scores

2. CalHFA First-Time Buyer Programs

The California Housing Finance Agency (CalHFA) offers various assistance programs for first-time buyers, including down payment and closing cost support.

CalHFA FHA Loan: FHA-backed loan combined with down payment assistance

CalHFA Conventional Loan: Lower mortgage insurance costs for qualified buyers

MyHome Assistance Program: Provides deferred-payment loans for down payments or closing costs

Best For: Buyers needing financial assistance with upfront costs

3. Conventional Loan

This program allows eligible first-time home buyers to purchase a home with only 3% down.

Down Payment: 3%

Credit Score Requirement: 620+

Benefits: No upfront mortgage insurance like FHA loans

Best For: Buyers with good credit looking for a low-down payment option

4. VA Loans (For Veterans and Active Military)

If you are a veteran or active-duty military personnel, VA loans offer exceptional benefits for purchasing a home in Cerritos.

Down Payment: 0%

Credit Score Requirement: No official minimum, but 620+ is recommended

Benefits: No private mortgage insurance (PMI), competitive interest rates, flexible qualification criteria

Best For: Military service members and veterans

5. USDA Loans (For Eligible Rural and Suburban Areas)

While Cerritos is more urban, some nearby areas may qualify for USDA loans, which offer zero-down financing.

Down Payment: 0%

Credit Score Requirement: 640+

Benefits: Lower interest rates and no PMI

Best For: Buyers looking for homes in eligible suburban areas near Cerritos

6. First-Time Home Buyer Grants and Assistance in Cerritos

Several local and state grants can help first-time buyers with down payments and closing costs:

Los Angeles County Homeownership Program: Offers assistance for home buyers in surrounding areas, including Cerritos

Golden State Finance Authority (GSFA) Platinum Program: Provides grants for down payment assistance

Best For: Buyers who need additional financial support

Which Mortgage Program is Right for You?

Choosing the right mortgage depends on your financial situation, credit score, and long-term homeownership goals. At The Lending Mamba, we guide first-time home buyers in Cerritos through the process, ensuring they find the most affordable and suitable mortgage program.

Get Started Today!

If you’re ready to buy your first home in Cerritos, let The Lending Mamba help you secure the best mortgage program. Contact us at 657-777-0024 or visit The Lending Mamba to explore your options today!