Financing your home
This guide walks you through the loan types you will actually use in Marin and Sonoma, an interactive calculator to estimate your monthly payment, and the real down payment assistance programs that can lower the barrier to buying a first home. I am not a lender, but I work with great local ones and I will make sure you understand every option before you commit.
Interactive
Slide the numbers to see your loan amount and estimated monthly principal and interest payment. This is a starting estimate only, it does not include property taxes, homeowners insurance, mortgage insurance, or HOA dues.
Your loan amount
$640,000
Estimated monthly payment
$4,045
Principal and interest only
This estimate assumes a $400,000-$4,000,000 price range and does not include property taxes, insurance, mortgage insurance, or HOA fees. For a precise number tied to your credit and a specific home, talk to a lender.
The loan types
Every loan type trades off down payment, credit requirements, and mortgage insurance. Here is what each one is really for, in plain language.
3% to 20% down
The most common loan type, backed by Fannie Mae and Freddie Mac rather than the government. Works for a wide range of buyers, from low-down-payment first-timers to those putting 20% down to avoid private mortgage insurance.
Who it fits: Best for buyers with good credit and a solid down payment, or first-time buyers who qualify for a low-down-payment program.
3.5% down (620+ credit)
Insured by the Federal Housing Administration, FHA loans allow a 3.5% down payment with a 580 credit score (10% down below that). They are forgiving for buyers with thinner credit or smaller savings.
Who it fits: Best for first-time buyers with modest savings or credit scores below conventional thresholds.
0% down
Backed by the U.S. Department of Veterans Affairs and reserved for eligible veterans, active-duty service members, and some military spouses. It offers zero down payment and no private mortgage insurance, with competitive rates.
Who it fits: Best for veterans, active-duty military, and eligible spouses, a client group Peter serves throughout Marin and Sonoma.
0% down
Backed by the U.S. Department of Agriculture for homes in eligible rural areas. It offers zero down payment to low- and moderate-income buyers, with income capped at about 115% of the area median.
Who it fits: Best for buyers purchasing in USDA-designated rural areas, often on the country edges of Sonoma County. Marin has few eligible tracts, so eligibility must be checked address by address.
Usually 10% to 20%
Any loan above the county's conforming limit. Because jumbo loans cannot be sold to Fannie Mae or Freddie Mac, they carry stricter underwriting: higher credit scores, larger down payments, and more cash reserves.
Who it fits: Best for luxury and higher-priced buyers, since Marin's high-cost limit means many North Bay homes sit in jumbo territory.
When is it a jumbo loan?
A jumbo loan is simply any loan above your county's conforming limit. Because Marin is a high-cost county, its limit sits well above the national baseline, so many North Bay homes still qualify as conventional. These are the 2026 one-unit limits that apply where Peter works.
National baseline
$832,750
Sonoma County
$897,000
Marin County
$1,249,125
Structure choices
A fixed-rate loan holds the same interest rate for the entire term, so your principal and interest payment stays predictable for 15 or 30 years. An adjustable-rate mortgage (ARM) starts with a lower teaser rate that stays fixed for a set period, typically 5, 7, or 10 years, then adjusts periodically based on market indexes. If you plan to stay put for the long haul, a fixed rate removes all rate risk. If you expect to move or refinance within the fixed period, an ARM can lower your payment up front.
A 30-year loan gives the lowest monthly payment and more breathing room, at the cost of more total interest over the life of the loan. A 15-year loan carries a higher monthly payment but a lower rate, so you pay far less total interest and own the home outright in half the time. The right choice depends on your cash flow and how fast you want to build equity.
First-time buyer help
California and the local counties run a number of verified programs that lower the money needed to buy a first home. Many are repayable loans rather than free grants, so it pays to compare the trade-offs. Funding and income limits change frequently, so always confirm current terms with the program before applying.
California Housing Finance Agency
Up to 3.5% of the purchase price
CalHFA's flagship down payment assistance. MyHome is a deferred, simple-interest junior loan with no monthly payments, repaid when you sell, refinance, or pay off the first mortgage. It pairs only with a CalHFA first mortgage and requires first-time buyer status plus homebuyer education.
Program detailsCalifornia Housing Finance Agency
Pairs with MyHome assistance
CalHFA Conventional is a 30-year fixed Fannie Mae loan with a 3% down payment option (credit scores from 660 to 680), and CalHFA FHA is a 30-year fixed loan that can combine with MyHome for up to 3.5% assistance. Both give first-time buyers a path into homeownership with low money down.
Program detailsCalHFA shared-appreciation loan
Up to 20% or $150,000
A shared-appreciation loan covering down payment and closing costs for first-time buyers, where at least one borrower is a first-generation homebuyer. You repay the original amount plus a share of the home's appreciation when you sell. Funding is capped and distributed through limited application windows and a lottery.
Program detailsGolden State Finance Authority
Up to 5% to 5.5% of the loan
A state-backed down payment assistance program offered through participating lenders, with assistance that is often structured as a forgivable grant. It is not limited to first-time buyers, which makes it a useful option for repeat buyers too.
Program detailsMarin County
Below-market-rate homes
Marin Housing Authority runs a Below Market Rate (BMR) Homeownership Program that lets qualified low- and moderate-income first-time buyers purchase designated condominium units below market value, plus a Housing Choice Voucher Homeownership Program that can apply a housing subsidy toward a mortgage. A HUD-approved homebuyer education certificate is required.
Program detailsCity of Santa Rosa
Up to $75,000
For income-qualified households buying a first home within Santa Rosa city limits, this program provides a down payment assistance loan of up to $75,000, administered through the Santa Rosa Housing Authority. This is the closest major city DPA to the Petaluma side of Peter's territory.
Program detailsThe programs above only work through approved participating lenders. I work with experienced local lenders who know which assistance fits your situation and how to structure it. Tell me you are a first-time buyer and I will make the right introduction. Call or text (415) 328-2637.
(415) 328-2637Before you call
A common rule of thumb is to keep your total monthly housing cost, including principal, interest, taxes, and insurance, around 28% of your gross monthly income. A lender's pre-approval gives you the real number based on your full financial picture. Use the calculator above for a starting estimate of the principal and interest piece.
A full mortgage pre-approval typically takes a few days once your lender has your income, asset, and credit documents. I can connect you with lenders I trust throughout Marin and Sonoma who work fast and explain the process from A to Z.
No. Many programs let you buy with far less. Conventional loans allow 3% down, FHA allows 3.5%, and VA and USDA loans allow zero down. The trade-off is that below 20% down you usually pay private mortgage insurance, which is why some buyers choose a higher down payment to keep their payment lower.
It depends on your credit, savings, income, and how long you plan to own the home. A first-time buyer with modest savings might lean FHA or a CalHFA program, a veteran might choose VA, and a buyer with strong credit and a larger down payment might prefer conventional. I help you weigh the options with a lender rather than guessing.
Yes. I work closely with experienced local lenders who know Marin and Sonoma, and I can introduce you to one who will explain every option, including the down payment assistance programs above. Call or text me anytime at (415) 328-2637.
Tell me where you are in the process and what you are hoping to buy. I will point you to the right loan type and a trusted local lender, no pressure and no jargon.
Prefer to talk now? Call or text (415) 328-2637 or email pjschardt@gmail.com. I answer quickly, day or night.
