Want to BUY a HOME But Do NOT have money for a downpayment in California? In order to buy a home you would generally need at least 3.5% down for an FHA loan and 5% down for a conventional loan. With rising rents, it is next to impossible for many renters who are struggling to pay their rent, save up a large sum of cash for a downpayment to purchase a home. Battle increasing rent in California by using Downpayment Assistance to Buy a Home As rent prices keep increasing, it is more economic to own your own home, where you will build (16 comments)