Buying a Home
Put the financing plan in place before you write the offer.
RGI Mortgage helps California buyers understand the full monthly cost, cash to close, loan options, documentation, and preapproval process before the transaction is under deadline.
Start here
Start With a Comfortable Budget, Not a Maximum Approval
A preapproval range is not the same as a comfortable household budget. Review principal and interest, property taxes, homeowners insurance, mortgage insurance, HOA dues, utilities, maintenance, cash to close, and the reserves you want to keep.
Planning Support
Use the right tool before the next step.
Next steps
The Purchase Process
1. Review the goal and the numbers
Discuss the target price range, monthly budget, down payment, income, assets, debts, credit, property type, and timing.
2. Prepare for the home search
Depending on the information reviewed, RGI may help you obtain a prequalification or preapproval letter. Lenders use those terms differently, and neither is a guarantee of final approval.
3. Connect the financing to the property
After an offer is accepted, the contract, property, occupancy, HOA or condominium details, insurance, appraisal, title, and program requirements become part of the review.
4. Complete underwriting and review final terms
Respond to lender conditions and review the final payment, loan amount, cash to close, rate, term, and Closing Disclosure before signing.
Availability
Common Paths for California Buyers
Conventional
May be available for eligible primary residences, second homes, and investment properties. Low-down-payment options may be available, and private mortgage insurance may apply.
FHA
May provide a lower-down-payment path for an eligible owner-occupied property. Upfront and annual mortgage insurance and property requirements apply.
VA
Eligible borrowers may use VA-backed financing. VA generally does not require a down payment or monthly mortgage insurance, but entitlement, occupancy, appraisal, lender, and underwriting requirements apply.
Jumbo
Applies above the conforming loan limit and often requires stronger reserves, credit, documentation, and appraisal support.
CalHFA
Eligible California buyers may have access to current CalHFA mortgage or assistance programs, subject to availability and borrower, income, property, education, and repayment requirements.
What to know
Prepare the File and the Property
Insurance
Confirm availability and a realistic premium early, especially when wildfire, brush, or other underwriting concerns may affect the property.
HOA and condominium review
HOA dues affect the monthly qualification, and condominium projects may need to meet lender or program requirements.
Funds for closing
Deposits, gifts, transfers, and large account movements must be documented. Discuss the source of funds before moving money.
Employment and credit changes
A new job, new debt, large purchase, missed payment, or credit inquiry can affect the file. Talk with RGI before making a significant financial change during the transaction.
What to prepare
Common Documentation
Documentation varies, but the review may include identification, income records, tax returns or business records, bank or investment statements, debt and housing history, gift-fund documentation, and the purchase contract.
Use the secure application portal for financial documents. Do not send Social Security numbers, bank statements, tax returns, or account credentials through ordinary email.
FAQs
Questions worth answering before you decide.
How early should I get preapproved?
Start when you are preparing to shop seriously. A preapproval can identify documentation or credit issues before you are writing offers, but letters may expire and need to be updated.
Do I need 20% down?
No. Lower-down-payment options may be available through Conventional, FHA, VA, or eligible assistance programs. Compare the monthly cost, mortgage insurance, cash reserves, and long-term plan.
What is cash to close?
Cash to close generally includes the down payment, closing costs, prepaid taxes or insurance, initial escrow deposits, and adjustments shown on the closing documents, less applicable deposits or credits.
Is a preapproval a final loan approval?
No. Final approval depends on complete documentation, underwriting, the property, appraisal, title, insurance, and satisfaction of program and lender conditions.
Can I buy while self-employed?
Potentially. Self-employed income requires additional analysis and documentation. Review the business and personal tax profile early rather than waiting until an offer is accepted.