Down payment and assistance programs
How much are you planning to put down?
- Under 5%
- 5–20%
- 20%+
- Not sure
20% is a myth, with a catch
Conventional loans go to 3% down and FHA to 3.5%, so the 20% rule is folklore. The catch is mortgage insurance: under 20% you pay it monthly until you have the equity to drop it. That's a real cost to weigh, not a reason to wait five years.
Your agent gets paid $30,000. That could go toward your down payment.
New home, new furniture, moving costs. The start is expensive. With SelfCloze, the fee the seller pays your agent mostly comes back to you. Use it to buy your rate down to as low as 5% and keep over $900 a month in your pocket in year one, right when you need it.
Run your numbersExample temporary rate buydown on a $1M San Diego home with 20% down and a 30-year fixed loan at 7%. The lower rate applies to the early years of the loan, and terms vary by lender. Assumes the seller offers 3% to the buyer's agent. Lender approval required. Estimate only, not a guarantee.
California assistance programmes
CalHFA and several county and city programmes offer down-payment help, some as a deferred second loan. They have income caps, purchase-price caps, and an education requirement, and they change. A lender who writes them regularly is the only reliable source on what's open right now.
Rates feel high? Start at 5%.
The seller pays your agent. We keep a flat fee. You use the rest to lower your rate. 7% → 5% = over $900 a month back in year one.
See your numberExample temporary rate buydown on a $1M San Diego home with 20% down and a 30-year fixed loan at 7%. The lower rate applies to the early years of the loan, and terms vary by lender. Assumes the seller offers 3% to the buyer's agent. Lender approval required. Estimate only, not a guarantee.