California First-Time Home Buyer Loans

Not necessarily. CalHFA generally defines a first-time buyer as someone who hasn’t owned and occupied a home in the past three years, and its Dream For All program specifically targets first-generation buyers, with additional criteria of its own. We’ll help you understand which definition applies to the program you’re pursuing.

The California Housing Finance Agency (CalHFA) is the state’s affordable-housing agency. It offers first mortgage products alongside down payment and closing cost assistance programs such as MyHome Assistance, the Forgivable Equity Builder Loan, and the Dream For All Shared Appreciation Loan. Requirements, assistance amounts, and funding availability change, so we confirm current terms with you as part of your pre-approval.

FHA loans are government-backed and known for flexible credit guidelines with a low down payment. Conventional loans aren’t government-backed and can offer competitive pricing for stronger credit profiles. VA loans serve eligible veterans and service members with no down payment required. USDA loans support buyers in eligible rural and suburban areas with zero-down financing. We’ll help match you to the one that fits your credit, income, and target property.

It depends on the program – some conventional and FHA options start as low as 3% to 3.5% down, and VA and USDA loans can require no down payment at all for eligible buyers. CalHFA down payment assistance, including the Dream For All program (which can cover up to 20% of the purchase price when it’s open for registration), can reduce what you need to bring to closing even further.

Proposition 13 generally caps your assessed value at what you paid for the home, with annual increases limited to about 2%, and sets the base tax rate near 1% of that assessed value. That means your first-year tax bill reflects the purchase price, but future increases are capped – unlike some states where rising market values can drive up your bill quickly.

Yes, but condo approval can be more involved in California, especially given stricter reserve-study and inspection requirements adopted in recent years. Lenders review the building’s financials, reserves, insurance, and owner-occupancy mix, and not every building is eligible for every loan type. Bring us the condo name early and we can help you understand whether it’s likely to qualify before you spend time and money on it.

Dream For All provides up to 20% of the purchase price (capped at $150,000) in down payment assistance for first-time, first-generation buyers. Because demand typically exceeds funding, CalHFA opens a limited registration window and selects participants by random lottery rather than first-come, first-served. We track when registration is open and help you prepare in advance.

Based on Zillow typical home values in early 2026, some of the most affordable cities in this guide include Bakersfield, Fresno, Stockton, and Sacramento, with typical values roughly between $355,000 and $482,000. San Jose, Irvine, and San Diego sit at the higher end. Prices change often, so we’ll help you compare real numbers for the areas you’re considering.

We work with flexible credit qualification guidelines rather than a single fixed cutoff, and different loan programs have different minimums. Rather than guessing, it’s usually faster to start a pre-approval conversation and let us tell you exactly where you stand and what programs are available to you.

Yes. We offer programs designed for self-employed borrowers and others with non-traditional income, using documentation like tax returns, business financials, or bank statements alongside or instead of standard pay stubs.

Our streamlined process is built for speed – most buyers can get a clear pre-approval quickly once we have your basic income, credit, and down payment information, so you can start shopping with a real number in hand rather than a guess.