Minimum down payment varies by program and property type. On a primary residence: 0% for VA, 3.5% for FHA, 3% for HomeReady/Home Possible, 5% for standard conventional, 10-20% for jumbo.
Larger down payments reduce mortgage insurance, improve rate pricing, and increase loan approval odds. Smaller down payments preserve liquidity for reserves, improvements, and future investments.
California-specific: CalHFA's Dream For All program offers up to 20% down payment assistance for first-generation, first-time buyers, paid back with shared appreciation at exit.