A Conventional Mortgage is likely going to offer better rates compared to high-balance, jumbo, or bank statement mortgages. These loans fall into the conforming loan amounts which currently max out at $726,200. Anything higher than that amount will fall into the high-balance or jumbo category depending on which county you reside in California. Conventional loans typically offer 15, 20, and 30-year-fixed options as well as 5/1, 7/1, and 10/1 ARM options. The down payment requirement can be as low as 3% for first-time home buyers or as low as 5% if you've already owned a home.