In California, there are several types of home loans available to prospective buyers. Here are some common options:
  1. Conventional Loans: These are traditional loans not backed by a government agency (such as FHA or VA). They typically require good credit and a down payment of at least 3%.
  2. FHA Loans: Insured by the Federal Housing Administration, FHA loans are popular among first-time homebuyers due to their lower down payment requirements (usually around 3.5%) and more lenient credit score requirements.
  3. VA Loans: Available to eligible veterans, active-duty service members, and some spouses, VA loans are guaranteed by the U.S. Department of Veterans Affairs and often require no down payment.
  4. USDA Loans: Backed by the U.S. Department of Agriculture, USDA loans are designed to help low to moderate-income buyers in rural areas. They offer low-interest rates and no down payment is typically required.
  5. Jumbo Loans: These are used when the loan amount exceeds conforming loan limits set by Fannie Mae and Freddie Mac. They often require higher credit scores, larger down payments, and have stricter qualification criteria.
  6. Fixed-Rate Mortgages: These loans have a fixed interest rate for the entire term, usually 15, 20, or 30 years, providing stable monthly payments.
  7. Adjustable-Rate Mortgages (ARMs): ARMs have interest rates that can change periodically, typically after an initial fixed-rate period. They may offer lower initial rates but can increase over time.
  8. Interest-Only Loans: These allow borrowers to pay only the interest for a certain period, after which they begin paying principal as well. These are less common and may carry more risk.
  9. Home Equity Loans and HELOCs: These allow homeowners to borrow against the equity in their homes. A home equity loan provides a lump sum, while a Home Equity Line of Credit (HELOC) works like a credit card with a revolving credit line.

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