Question 1

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

Accepted Answer

Most programs accept 580+ credit scores with compensating factors. We've closed loans at 600 when borrowers show strong payment history and stable income.

Question 2

Can seasonal wine industry income qualify?

Accepted Answer

Yes, community mortgages handle seasonal income documentation better than conventional loans. We use multiple years of tax returns to show income stability.

Question 3

Do community mortgages have income limits like USDA loans?

Accepted Answer

Most don't. That's a key advantage in Amador County where USDA income caps can disqualify qualified buyers.

Question 4

How much down payment do I need?

Accepted Answer

Typically 3-5% down. Gift funds from family are allowed and commonly used in Plymouth transactions.

Question 5

What if I've been denied by a bank already?

Accepted Answer

Bring us that denial letter. Banks often reject loans that community mortgage lenders approve because they use different underwriting criteria.

Question 6

Do these loans cost more than conventional mortgages?

Accepted Answer

Rates run slightly higher due to flexible guidelines. The tradeoff is qualifying when conventional loans won't approve you. Rates vary by borrower profile and market conditions.

Community Mortgages in Plymouth: Flexible Paths to Homeownership in Amador County