First-Time
Homebuyers
Welcome to the Home-Owners Club.
Buying a home is likely one of the biggest purchases you will ever make,
so I understand how important this is to you.
First-Time Home Buyer Resources
Overview
Average Home Sale Price in CA: $856,600
Minimum Down Payment in California (3%): $25,700
20% Down Payment in California: $171,320
Average Credit Score in CA: 721
Maximum CA Home Buyer Grant: Deferred loan up to 17% of home's value (Silicon Valley only)
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California First-Time Home Buyer Loans
Conventional 97: You may qualify to get a loan with a 3% downpayment and 620 minimum credit.
FHA Loan: Backed by the Federal Housing Administration, you could qualify for an FHA loan
with a 3.5% down payment and a 580 minimum credit score.
VA Loan: Offers zero-down-payment options and requires a minimum credit score of 620.
(Only for veterans and service members.)
USDA Loan: For those on low-to-moderate incomes buying in designated rural areas.
Zero down payment required and credit score requirements of 640.
CalHFA Mortgage Programs: Government and conventional home loans provided via the
CA Housing Finance Agency. This offers 30-year fixed-rate first-time mortgages.
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Current Mortgage Rates Chart
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