California First Time Home Buyer Programs

California down payment assistance program

California Down Payment Assistance

Are you concerned about saving for the down payment? The California Housing Finance Authority offers down payment assistance for down payment and closing costs.

  • Up to 3.5% of sales price in assistance for down payment offered as deferred payments on 2nd mortgage loan.
  • Entire state of California eligible
  • Additional down payment assistance for 2% of sales price available to help pay closing costs
  • 640 minimum credit score
Chenoa Fund

Teacher Down Payment Assistance Program

Chenoa offers help with down payment and closing costs.

  • Up to 4% of sale price for assistance with down payment & closing costs offered as deferred payment second mortgage loan
  • This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school
  • Entire state of California eligible
  • 640 minimum credit score
Home Ready Loan Program

Home Ready Program

Fannie Mae conventional loan which makes buying a home more affordable for first time home buyers.

  • 3% Down Payment
  • Down Payment Assistance available
  • Flexible qualifying guidelines
  • 620 minimum credit score
  • Lower mortgage insurance
  • 30 year low fixed rate program
FHA Home Loans

FHA Loan

Government loan program which assists buyers to purchase a home with less-than-perfect credit.

  • 3.5% Down Payment
  • Down Payment Assistance Eligible
  • 580 minimum credit score
USDA Home Loan Program

USDA Home Loan

Program for first home buyers looking to buy a house in small town or rural area.

  • Zero Down Payment
  • 600 minimum credit score
  • Seller can pay closing costs
VA Home Loans

VA Loan

Government loan program which assists members of military to purchase a home.

  • Zero Down Payment
  • 550 minimum credit score
  • Low 30 Year Fixed Rate Mortgage

California Real Estate Market

The median value of a home in California is about $544,000 and current appreciation rate is about 7% per year. The average rent is about $2,000 per month but it costs about $4,000 to rent 2 bedroom apartment in Los Angelops. You can buy a $544,000 home with 3.5% Down Payment Program and your payment would be approximately $3,388* per month. Try our rent versus own calculator and you may find out buying a home is better than renting when you factor in home appreciation which is currently about $38,000 or $3,166 per month on $544,000 home.

Resources & Tools

Mortgage Calculators

Calculate loan payments, determine if it better to rent or buy, find out your price range, and figure out your debt ratios to see what programs you may qualify for.

Try Our Mortgage Calculators

Ultimate First Time Home Buyer Guide

10 Steps To Buying Your First Home

We will guide you through the home buying process, assist you with financing, and connect you to a Realtor to Find the Perfect Home.

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Homes For Sale

Get property listings of homes for sale in California. View photos and property details. Contact local real estate agent and set up showings.

Search For Perfect Home

*544,000 purchase price, $19,040 down payment, 1.75% financed upfront mortgage insurance premium, $534,146 loan amount, FHA 30 year fixed loan paid in equal and consecutive monthly installment payments of $2,550.10 plus taxes and insurance, 4.50% rate(4.57% APR).