Options Home Loans

First-Time Homebuyer Programs — California 2026

First-Time Home Buyer Programs in California — Down Payment Help Available

California first-time buyers in 2026 can access CalHFA down payment assistance, FHA loans with 3.5% down, conventional programs with 3% down, and VA loans with 0% down for eligible veterans. Options Home Loans is a CalHFA-approved lender offering free eligibility checks with no credit pull required.

(949) 939-1622

0–3.5%

Min Down Payment

Up to 3.5%

DPA Available

580

Min Credit Score

Same Day

Pre-Approval

First-Time Buyer Programs Available in California

CalHFA MyHome Assistance

Down Payment Help

Deferred-payment junior loan covering up to 3.5% of purchase price for down payment or closing costs. No monthly payment — repaid when you sell, refinance, or pay off the first mortgage.

FHA Loan — 3.5% Down

Low Down Payment

3.5% down payment with 580+ credit score. Gift funds allowed. Flexible DTI guidelines. Most popular program for first-time buyers in California. Loan limits up to $806,500 in most counties.

Conventional 3% Down

Conventional

Fannie Mae HomeReady and Freddie Mac Home Possible programs allow 3% down for first-time buyers with 620+ credit. Lower long-term cost than FHA when credit score is 700+.

VA Loan — 0% Down

Veterans Only

Zero down payment, no PMI, competitive rates for eligible veterans and active duty military. No maximum loan amount with full entitlement. The best mortgage program available for those who qualify.

How to Buy Your First Home in California — Step by Step

01

Check Your Credit and Finances

Pull your free credit report at annualcreditreport.com. Most California first-time buyer programs require a 620+ credit score for conventional loans or 580+ for FHA. Review your debt-to-income ratio — total monthly debts divided by gross monthly income should ideally be under 45%. Two years of stable employment history strengthens your application.

02

Get Pre-Approved (Same Day)

Options Home Loans issues pre-approval letters the same day. Submit your income, asset, and employment information and we'll review your file, identify the best programs, and issue a pre-approval letter. In California's competitive market, sellers expect a pre-approval letter before accepting an offer. No credit pull required for an initial rate quote.

03

Identify Your Down Payment Assistance Options

As a CalHFA-approved lender, Options Home Loans can layer state and local down payment assistance programs on top of your primary loan. Many first-time buyers in California qualify for $10,000–$30,000+ in assistance that reduces or eliminates out-of-pocket costs. We check every available program for your county and income level.

04

Make an Offer and Open Escrow

Once pre-approved, work with your real estate agent to find a home and make an offer. Your pre-approval letter gives sellers confidence in your financing. Once your offer is accepted, escrow opens and the loan process begins. Options Home Loans coordinates directly with your agent and escrow officer to keep everything on track.

05

Close and Get Your Keys

Loan processing, appraisal, and underwriting typically take 21–30 days. You'll receive a Closing Disclosure 3 business days before closing showing your final loan terms and costs. At closing, you sign documents, pay your down payment and closing costs, and receive your keys. Options Home Loans targets a 21-day close for well-prepared buyers.

Related Resources

First-Time Buyer FAQs — California 2026

Free Eligibility Check

Check Your First-Time Buyer Eligibility

Same-day response · No credit pull · NMLS #2221613

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