California has a program for first time home buyers, who qualify based on their income, where all that is needed is 0.5% of the sales price. If an offer is structured correctly, you can get the seller to cover all or most of your closing costs. So, for about $1,000 down payment, you can purchase a property with a sales price of $200,000. ($160,000 for $800 down.) Of course, this assumes that you have satisfactory credit and income to qualify for an FHA loan. Credit requirements are pretty flexible.
I hope this answers your question. If you would like more information on the California program for first time home buyers, please email or call me at 562-212-2345.
Loan Officer and Realtor
Shore Capital Corporation