Loan and Homebuyer Programs

First time homebuyer programs in California include CalHFA MyHome, CalHFA FHA/Conventional loans, the Mortgage Credit Certificate (MCC), and FHA loans, each offering reduced down payments or direct assistance.

An FHA loan is a government insured mortgage that allows down payments as low as 3.5% with a 580 credit score, backed by the Federal Housing Administration.

A conventional loan is a mortgage not insured by the federal government, requiring stronger credit but allowing down payments as low as 3% to 5% for qualified buyers.

A VA loan is a mortgage guaranteed by the Department of Veterans Affairs, offering eligible veterans and service members $0 down financing with no PMI.

A USDA loan is a mortgage backed by the Department of Agriculture that offers $0% down financing in designated eligible rural and suburban areas.

A jumbo loan is a mortgage that exceeds conforming loan limits, typically requiring a 700+ credit score, 10% to 20% down, and larger cash reserves.

Down payment assistance is a grant, forgivable loan, or matched savings program that helps cover a home's down payment, with income and price limits that vary by area.

Closing cost assistance covers fees due at closing, typically 2% to 5% of the loan amount, through seller credits, lender credits, gift funds, or grant programs.

A bank statement loan is a mortgage that qualifies self employed buyers using 12 to 24 months of bank deposits instead of tax returns, typically with higher rates.

A renovation loan is a mortgage that combines a home's purchase price and repair costs into one loan, such as an FHA 203(k) or Fannie Mae HomeStyle loan.