Down payments can be a hurdle. The value of homes in Chino is $772,256 according to Zillow, which is a 1.9% increase from a year ago. To cover 20%, you need $154,451. This doesn't mean you can't start without a large sum of money.

If you use an FHA loan, you can put down 3.5% with a credit score of 580 or higher, which amounts to $27,029. If your score is between 500 and 579, you'll need to put down 10%. Conventional loans also allow first-time homebuyers or those with an area median income of 80% or less to start with as little as 3%. Typically, it's decided around the 5% mark.

If your down payment is less than 20%, you'll incur PMI (private mortgage insurance), which is an additional monthly cost. This disappears once you put down more than 20%. While a lower down payment reduces your initial burden, it increases your monthly expenses.

The CalHFA MyHome Assistance Program is also an option. When used with government loans, you can receive up to 3.5% of the purchase price interest-free, or 3% with a Conventional loan. Repayment is deferred until you sell or refinance. You'll need to check the first-time homebuyer requirements and income limits by county.

The interest rate, based on Freddie Mac PMMS, is currently 6.6% for a 30-year fixed mortgage as of July 2026, fluctuating between 6.55% and 6.72%. Different lenders may offer slightly different rates based on your credit score.

Property taxes are based on California's average effective tax rate of 0.71%, but it's best to verify the actual rate based on the property address. Getting pre-approved should come after planning your down payment. Closing costs need to be prepared separately, ranging from 2% to 5% of the loan amount.

You should also gather pre-approval documents in advance. Recent income verification, W-2s or tax returns, and bank statements are essential. Your DTI, or debt-to-income ratio, should not exceed around 43% to stay within loan limits. Monthly car payments and credit card bills are also included in this calculation.

When making an offer, you typically deposit 1% to 3% of the purchase price as earnest money. If the contract proceeds without issues, this amount is applied to your down payment at closing. Closing costs include appraisal, home inspection, title insurance, and escrow fees. Getting estimates for each item in advance can help reduce unexpected expenses.

There are various ways to prepare for a down payment. You can create a savings plan, utilize a 401(k) loan, or receive family gifts. Regardless of the method, you must document the source of funds to the lender.

You should also check insurance rates. Fire risk varies by region in California, so it's wise to get home insurance quotes in advance. It's best to compare quotes from multiple providers rather than just one.

Interest rates also vary by lender. You can buy points to lower your rate, which may be beneficial if you plan to stay long-term. If you plan to move shortly, it might be better to go with a standard rate without points.

Pre-qualification and pre-approval are different. Pre-qualification gives a rough limit without a credit check, while pre-approval requires document review. You need a pre-approval letter when making an offer for the seller to take you seriously. Preparing your credit score and documents in advance can reduce the time it takes to get pre-approved and give you an advantage in offer competition.

When considering school districts, refer to ratings from GreatSchools or Niche, but be aware that boundaries change frequently, so verify the assigned schools for the address before purchasing. This article is not investment or legal advice. Please consult a professional before finalizing any contracts.