Question 1

Do I need perfect credit to qualify for a Community Mortgage?

Accepted Answer

No. Community Mortgages accept 620+ FICO. Lenders review your full application—employment history, reserves, and income stability matter as much as the score. A 640 FICO with strong income often approves.

Question 2

Can I use self-employment income on a Community Mortgage?

Accepted Answer

Yes. Community Mortgages welcome self-employed and commission income. You'll need two years of tax returns and a CPA letter, but the program doesn't reject you for 1099s the way conventional lenders do.

Question 3

How much down payment do I need?

Accepted Answer

Community Mortgages accept 3% to 20% down. The exact amount depends on your credit, income, and reserves. Lower down payments are possible with strong compensating factors like high reserves or stable employment.

Question 4

Will I pay mortgage insurance on a Community Mortgage?

Accepted Answer

Community Mortgages skip mortgage insurance entirely, even with 5% down. That's a major advantage over FHA, which charges insurance for the life of the loan if you put down less than 10%.

Question 5

How long does it take to close a Community Mortgage?

Accepted Answer

Typical timeline is 30–45 days. Because underwriters review your full file rather than running automated checks, the process is thorough but not slow. Strong documentation speeds the close.

Community Mortgages in Fremont: Local lending for Alameda County buyers