When it comes to buying a home in California, high property prices can make securing a mortgage challenging, especially for first-time buyers who may not have significant savings. Fortunately, there are a variety of mortgage lenders in California that offer competitive rates and flexible terms for low down payment options. In this article, we will explore some of the best California mortgage lenders known for their low down payment programs.

1. Caliber Home Loans

Caliber Home Loans is recognized for its extensive range of mortgage products, including options with low down payment requirements. They offer conventional loans with down payments as low as 3% for eligible borrowers, along with various other assistance programs tailored for first-time homebuyers.

2. Chase Bank

Chase Bank provides a unique program called the “Chase DreaMaker® Mortgage,” which allows qualified buyers to put down just 3% on a home. This program also features reduced mortgage insurance premiums, making it an attractive option for those with limited funds for a down payment.

3. Better.com

Better.com is an online mortgage lender that simplifies the mortgage process. They offer a 3% down payment option on conventional loans, without any hidden fees. Their digital-first approach makes applying for a mortgage and tracking your application straightforward and transparent.

4. Guild Mortgage

Guild Mortgage has several programs that cater to buyers looking for low down payment options, including FHA loans that require as little as 3.5% down. They also offer down payment assistance and a variety of loan products aimed at helping Californians achieve homeownership.

5. Rocket Mortgage

Rocket Mortgage is well-known for its streamlined online services and is a great option for buyers seeking low down payment mortgages. With a conventional loan option that allows a down payment of just 3%, Rocket Mortgage provides an efficient platform for securing a loan quickly.

6. LoanDepot

LoanDepot offers a wide array of loan types, including options for FHA and conventional loans with 3% down payment. Their “Low Down Payment” programs are tailored for first-time buyers, making it easier to break into the competitive California real estate market.

7. California Housing Finance Agency (CalHFA)

CalHFA provides various loan options specifically designed for low to moderate-income buyers in California. Their programs often include down payment assistance, allowing homebuyers to secure loans with as little as 3% to 5% down, making homeownership more accessible.

Factors to Consider When Choosing a Lender

While exploring the best mortgage lenders for low down payments in California, consider these important factors:

• Interest Rates: Compare the interest rates offered by different lenders to find the most affordable option.
• Loan Types: Ensure the lender provides the type of loan that suits your needs, whether it’s a conventional, FHA, or VA loan.
• Customer Service: Look for lenders with a reputation for excellent customer service and support throughout the loan process.
• Closing Costs: Be aware of closing costs and fees associated with the loan, as these can significantly impact your overall expenditure.
• Application Process: Choose lenders that offer a quick and smooth application process to minimize stress and save time.

By carefully evaluating these options and factors, you can find the best California mortgage lender that meets your low down payment needs. Empowering yourself with knowledge will help you navigate the home buying process efficiently and successfully.