PRIMARY RESIDENCE — Purchase Loan Types and Minimum Down Payment Requirement
1. Conventional Loan (Fannie Mae / Freddie Mac)
- Down payment: 3% for first‑time buyers
- Credit: 620+
- Property types: SFR, condo, townhome, PUD
- Best for: Strong credit, competitive pricing, removing PMI later
2. FHA Loan
- Down payment: 3.5%
- Flexible credit (580+ typical)
- Higher DTI allowed
- Best for: First‑time buyers, lower credit, limited savings
3. USDA Loan
- 0% down
- Income limits apply
- Must be in eligible rural area
- Low rates due to government backing
- Fees: 1% upfront + 0.35% annual
4. Jumbo Loan
- For loan amounts above CA conforming limits
- Down payment: 10–20%
- Higher credit + reserves required
- Best for: High‑cost markets (Bay Area, SoCal, coastal counties)
5. CalHFA Down Payment Assistance
- MyHome Assistance (3–3.5% deferred)
- ZIP (zero‑interest second)
- Best for: First‑time buyers needing help with down payment/closing costs