Buying your first home is one of the biggest decisions of your life — and it can feel overwhelming. My job is to slow it down, explain everything clearly, and make sure you never feel pressured or confused. That's a promise.
Nobody is born knowing how mortgages work. The paperwork, the terminology, the process — it's a lot. And the stakes feel high because they are high.
What I've learned in 30 years of helping people buy homes is this: first time buyers don't need to be rushed through the process. They need someone who will sit with them, answer every question — even the ones that feel too basic to ask — and make sure they understand exactly what they're signing.
That's what you get at Clear Loan. No pressure. No jargon. No surprises at the closing table.
There's no single "right" loan for every buyer. Here's a plain-English look at your main options.
Backed by the Federal Housing Administration, FHA loans are designed with first time buyers in mind. You can qualify with a down payment as low as 3.5% and credit scores as low as 580. The tradeoff is mortgage insurance, which adds a small amount to your monthly payment — but for many buyers, it's well worth the access it provides.
If you have good credit and can put down at least 3–5%, a conventional loan may save you money over the life of the loan compared to FHA. Mortgage insurance can be removed once you reach 20% equity — unlike FHA, where it often stays for the life of the loan. We'll run the numbers both ways so you can see the real difference.
If you've served in the military, a VA loan may be the best mortgage available to anyone — zero down payment required, no monthly mortgage insurance, and competitive rates. If you qualify, this is almost always worth exploring first.
USDA loans are backed by the U.S. Department of Agriculture and offer zero down payment for buyers in eligible suburban and rural areas. Some communities in the greater Los Angeles area do qualify. Income limits apply, but if you meet the criteria this is an excellent option.
Coming up with a down payment is often the biggest hurdle for first time buyers. California offers several programs that provide grants or low-interest second loans to help cover your down payment and closing costs. Many buyers are surprised to learn they qualify. These include CalHFA, Fannie Mae HomeReady, and local LA County programs — each with different eligibility requirements based on your income, credit, and the home's purchase price. I'll help you find out which ones you qualify for.
The mortgage process has a lot of moving parts. Here's a plain-English walkthrough of what happens and when.
Before you start house hunting, we figure out how much you can borrow. This involves a quick look at your income, assets, and credit. You'll get a pre-approval letter that shows sellers you're a serious buyer.
Work with your real estate agent to find the right home in your budget. Once your offer is accepted, the mortgage process kicks into gear.
We formally apply for the loan. You'll provide documents like pay stubs, tax returns, and bank statements. I'll tell you exactly what's needed — no guessing.
The lender reviews everything and a licensed appraiser confirms the home's value. This is normal — every loan goes through it. I'll keep you updated so you're never left wondering what's happening.
You sign the final documents, pay your closing costs, and get the keys. Before closing day, I'll walk you through every number on your closing disclosure so there are zero surprises.
I explain everything in plain English. If something isn't clear, ask — there are no dumb questions here.
You'll never feel rushed or pushed into a loan that isn't right for you. This is your decision — I'm here to inform it, not make it for you.
You work directly with me — Richard Hersh — from your first question to the day you get your keys. Not a call center. Not a rotating team. Me.
I'm used to guiding first time buyers through this process. Whatever situation you're in, chances are I've seen it — and helped someone through it.
Less than most people think. FHA loans start at 3.5% down. Conventional loans can go as low as 3%. VA and USDA loans require zero down payment. And down payment assistance programs may cover part or all of what you need. We'll figure out what applies to your situation.
For an FHA loan, 580 is the minimum with a 3.5% down payment. Conventional loans typically require 620 or higher. If your score isn't there yet, we can talk about what steps would get you ready — sometimes it's faster than you'd expect.
Pre-qualification is a quick estimate based on information you provide — useful for ballpark planning. Pre-approval is a real review of your documents and credit, and it's what sellers and agents take seriously. In today's market, you want a pre-approval letter before you start making offers.
From application to closing typically runs 30–45 days. Getting your pre-approval ahead of time means you're ready to move quickly once you find the right home — which matters in a competitive market like Los Angeles.
Closing costs are fees paid at the end of the transaction — things like lender fees, title insurance, and prepaid property taxes. They typically run 2–3% of the loan amount. I'll give you a detailed estimate early in the process so you know exactly what to plan for — no last-minute surprises.
You don't need to have everything figured out before we talk. Most first time buyers don't — and that's completely okay. Reach out and we'll start from wherever you are.
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Licensed CA Mortgage Broker — DRE & NMLS Licensed | Serving Sherman Oaks and surrounding communities
