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The best home loan for new buyers in California will depend upon the buyer’s unique goals, and financial status. That means that some first time buyers will find that a conventional loan (such as a Fannie Mae or Freddie Mac loan) best fits their down payment budget. Other new buyers may benefit from an FHA loan, which may have a down payment requirement of as little as 3.5%. Still other first-time home buyers who are buying a more expensive home, will need to obtain a jumbo loan for their financing needs. The best loan for any first time buyer will be contingent upon credit score, proof of employment/income, amount that will be used as a down payment, and the amount that you can afford to pay each month in a mortgage payment. For the options available to you, contact a top Southern California mortgage broker who can walk you through the process of selecting the best mortgage loan for new buyers.