Loan Programs
Conventional & Government
Traditional financing — Fannie Mae, Freddie Mac, FHA, VA, USDA, and jumbo programs for primary residences and second homes.
Conventional and government loans are the foundation of California home financing: Fannie Mae and Freddie Mac conforming loans up to the county limit, FHA from 3.5% down, VA at 0% down for veterans, USDA for eligible rural areas, and jumbo above the conforming ceiling. The right pick depends on your credit, down payment, and county — not on which lender happens to advertise loudest.
The decision most buyers actually face
For most first-time California buyers the real comparison is FHA versus conventional-with-3%-down. FHA accepts lower scores and higher debt ratios but carries mortgage insurance for the life of the loan on minimum-down files. Conventional PMI cancels at 20% equity — in appreciating California markets that can happen in a few years, which often makes conventional the cheaper 10-year hold even at a slightly higher rate. I run both quotes side by side on every first-time file; the spread regularly surprises people.
High-cost county math
Southern California's high-cost counties — Los Angeles, Orange, Ventura, San Diego — carry elevated conforming limits well above the national baseline, and high-balance conforming pricing sits between standard conforming and jumbo. Knowing exactly where your loan amount lands relative to your county's limit is frequently worth a quarter point. If you're a veteran, VA beats everything: no down payment, no monthly mortgage insurance, no loan limit with full entitlement.
Stack it with assistance
Nearly every program in this category layers with California down-payment assistance— CalHFA's deferred seconds, GSFA grants, and county programs can cover most or all of the cash to close for qualifying buyers. If cash is the constraint, start there before assuming you can't buy.
Agency Fixed-Rate
Conventional 30-Year Fixed
The most common mortgage in America. Fixed rate and payment for 30 years, conforming to Fannie Mae / Freddie Mac guidelines.
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Agency Fixed-Rate
Conventional 15-Year Fixed
Shorter term, lower rate, and dramatically less lifetime interest — payoff in half the time.
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Agency Adjustable-Rate
Conventional ARM (5/6, 7/6, 10/6)
Fixed introductory period (5, 7, or 10 years) then adjusts every 6 months based on SOFR index.
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Agency
High-Balance Conforming
Conforming loans above the baseline limit, available in CA high-cost counties (Los Angeles, Orange, San Diego, Bay Area).
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Low-Income Affordable
HomeReady (Fannie Mae)
Fannie Mae program with reduced mortgage insurance and flexible income sources for low-to-moderate income borrowers.
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Low-Income Affordable
Home Possible (Freddie Mac)
Freddie Mac's equivalent to HomeReady — 3% down, reduced MI, flexible sources of funds.
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Renovation
HomeStyle Renovation
Finance purchase + renovation in one loan, based on the property's as-completed value.
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Government — FHA
FHA 30-Year Fixed
HUD-insured mortgage with low down payment and flexible credit requirements.
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Government — FHA Renovation
FHA 203(k) Renovation
FHA's purchase-plus-renovation loan. Standard (structural) and Limited (cosmetic) variants.
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Government — FHA Refi
FHA Streamline Refinance
Reduced-documentation refinance of an existing FHA loan — no appraisal or full income docs required in most cases.
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Government — VA
VA 30-Year Fixed
Zero-down financing for eligible active-duty servicemembers, veterans, and surviving spouses.
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Government — VA Refi
VA IRRRL (Streamline)
Interest Rate Reduction Refinance Loan — VA's streamline refi, no appraisal or income docs in most cases.
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Government — VA Refi
VA Cash-Out Refinance
Refinance any mortgage into a VA loan up to 100% of property value, with cash-out.
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Government — USDA
USDA Rural Development Guaranteed
Zero-down loan for eligible rural and suburban properties with income limits.
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Jumbo
Prime Jumbo
Full-doc jumbo financing above conforming limits, typically with best pricing for strong borrowers.
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Jumbo
Super Jumbo ($3M+)
Portfolio jumbo for high-net-worth borrowers. Loan amounts $3M–$10M+.
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Jumbo
Jumbo ARM
Adjustable-rate jumbo for borrowers optimizing initial rate.
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Jumbo — Specialty
Physician / Professional Loan
Portfolio jumbo designed for medical doctors, dentists, attorneys, and executives — no MI, low down, student loans excluded from DTI.
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DPA — California
CalHFA MyHome Assistance
California Housing Finance Agency deferred-payment junior loan for down payment or closing costs, up to 3% of purchase price.
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DPA — California
CalHFA Dream For All (Shared Appreciation)
Shared-appreciation down payment assistance — CalHFA provides up to 20% down, repaid at sale/refi plus a share of appreciation.
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Reverse Mortgage
HECM Reverse Mortgage
FHA-insured Home Equity Conversion Mortgage for homeowners 62+.
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Reverse Mortgage
Proprietary Jumbo Reverse
Non-FHA proprietary reverse mortgage for property values above the HECM lending limit.
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Buydown
2-1 Temporary Buydown
Temporary rate reduction of 2% in year 1 and 1% in year 2, returning to note rate in year 3.
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HELOC
Traditional HELOC
Variable-rate revolving line of credit secured by your home's equity.
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Second Lien
Closed-End Second Lien (Fixed)
Fixed-rate, fully-amortizing second mortgage — lump-sum cash-out without refinancing the first.
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Specialty
Energy-Efficient Mortgage (EEM)
FHA or conventional mortgage enhanced to finance energy-efficiency improvements.
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