Mortgage Loan Options
Compare the structure, not just the loan label.
RGI Mortgage helps California buyers and homeowners compare common mortgage paths, understand the tradeoffs, and identify the questions that should be answered before choosing.
Start here
Start With Four Practical Questions
What monthly housing cost fits the household budget?
Include principal, interest, property taxes, homeowners insurance, mortgage insurance, and HOA dues when applicable.
How much cash should remain after closing?
Account for the down payment, closing costs, prepaid items, deposits, moving costs, and reserves.
What property and occupancy are involved?
Primary homes, second homes, investment properties, condominiums, multi-unit properties, and unique homes can have different requirements.
How long might the loan remain in place?
The value of points, credits, adjustable rates, and shorter or longer terms depends partly on the expected timeframe.
Overview
Common Loan Paths
Conventional
Conventional financing may be available for eligible primary residences, second homes, and investment properties. Down-payment, mortgage-insurance, credit, reserve, and property requirements vary.
FHA
FHA-insured financing may provide a lower-down-payment path for eligible owner-occupied properties. Upfront and annual mortgage insurance, property standards, loan limits, and lender requirements apply.
VA
Eligible service members, Veterans, and certain surviving spouses may use VA-guaranteed financing. VA generally does not require a down payment or monthly mortgage insurance, but entitlement, occupancy, appraisal, lender, and underwriting requirements apply.
Jumbo
Jumbo financing applies above the applicable conforming loan limit. Credit, reserves, income documentation, property type, and appraisal requirements are often more detailed.
CalHFA, California Only
CalHFA offers California home-buyer mortgage and assistance programs through approved lending channels. Eligibility, income limits, property rules, education requirements, assistance structure, and current availability apply.
Refinancing
Rate-and-term, cash-out, term-change, and mortgage-insurance strategies may be available depending on equity, credit, income, property, current loan type, and lender requirements.
What to know
Compare the Complete Structure
The lowest initial payment is not automatically the lowest-cost loan. Compare the interest rate and APR, fixed or adjustable structure, points, lender credits, cash to close, mortgage insurance or funding fees, term, total monthly payment, and likely time in the loan.
Availability
State Availability
RGI Mortgage serves borrowers in California and Oregon. Lender access, programs, and property requirements vary by state. CalHFA programs apply only to eligible California properties.
FAQs
Questions worth answering before you decide.
Which mortgage program is best?
There is no universally best program. The fit depends on the borrower, property, occupancy, loan amount, available cash, monthly budget, and long-term plan.
Do I need 20% down for a Conventional loan?
No. Some Conventional programs allow lower down payments. Private mortgage insurance may apply and affects the monthly cost.
Does a VA loan always require zero down?
VA generally does not require a down payment, but lender requirements, entitlement, purchase price, appraised value, and the borrower's financial profile can affect the structure.
What makes a loan jumbo?
A jumbo loan exceeds the applicable conforming loan limit for the county and property type. Limits change periodically and should be confirmed for the transaction.
Is down payment assistance free money?
Not necessarily. Assistance may use a deferred junior loan, shared appreciation, or another repayment structure. Review repayment triggers and the effect on a future sale or refinance.