Question 1

What credit score do I need for a community mortgage in Oakland?

Accepted Answer

Requirements vary by program. Many community loans accept scores below 640, which standard conventional loans won't touch.

Question 2

Do community mortgage programs have income limits?

Accepted Answer

Yes. Most programs use Alameda County's Area Median Income to set limits. Higher-income borrowers typically won't qualify.

Question 3

Can I combine a community mortgage with down payment assistance?

Accepted Answer

Often yes. Layering CalHFA or local grants with a community loan is one of the most effective ways to reduce upfront costs.

Question 4

Are community mortgages only for first-time buyers in Oakland?

Accepted Answer

Not always. Some programs do require first-time buyer status, but others focus on income and location regardless of prior ownership.

Question 5

Which Oakland neighborhoods qualify for community mortgage programs?

Accepted Answer

Eligibility often ties to census tracts. Deep East Oakland and Fruitvale frequently appear on priority lists — we verify this for each deal.

Question 6

How do community mortgages compare to FHA loans on cost?

Accepted Answer

Community programs can eliminate the mortgage insurance that FHA requires. Over a 30-year loan, that savings is significant.

Community Mortgages in Oakland, CA