What is the minimum mortgage down payment in California?

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  • 7 years ago
    Favorite Answer

    down payments are not determined by the state in which you wish to purchase a house.

    Your down payment of a house would depend on the mortgage loan program you are approved for. There are many and varied programs available to you than just the conventional mortgage loan.

    #1. Conventional mortgage loan

    Normally 5%-10% down payment.

    A. 20% down

    If you want to avoid Private Mortgage Insurance (PMI)

    #2.FHA mortgage loan

    Normally 3.5% down

    There is a monthly fee akin to PMI that you would be required to pay for the life of the mortgage loan or until you refinance the mortgage loan to a conventional mortgage loan.

    #3. VA mortgage loan

    There is no down payment

    You must have been in the United States military active duty, veteran, or retired.

    There is a monthly fee akin to PMI that you would be required to pay for the life of the mortgage loan or until you refinance the mortgage loan to a conventional mortgage loan.

    #4. USDA mortgage

    There is no down payment required

    Normally to be approved for this mortgage loan the property you are purchasing must be a farm or rural property

    There is a monthly fee akin to PMI that you would be required to pay for the life of the mortgage loan or until you refinance the mortgage loan to a conventional mortgage loan.

    I hope this has been of some benefit to you, good luck.

    "FIGHT ON"

  • Ryan M
    Lv 7
    7 years ago

    There is no minimum set by law by the state of California. That is up to the LENDER and the type of loan you want. Same as everywhere else in the world.

  • Bill
    Lv 7
    7 years ago

    Depends on the qualifications of the buyer but 3.5% would be the current minimum. There are no current subsidized government programs offering 0% down loans.

  • Caren
    Lv 7
    7 years ago

    down payment and closing costs would be at least 6% of the value of the home,,, this will tie you over until you get a descent answer.

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