Question 1

What counts as a first-time buyer for community mortgages?

Accepted Answer

No home ownership in the past three years qualifies you. This includes borrowers who previously owned but sold or lost property through foreclosure or divorce.

Question 2

Can I use community mortgages on new construction in Brentwood?

Accepted Answer

Yes, if the builder accepts the program and the property falls within eligible census tracts. Not all builders work with these loan types due to approval timelines.

Question 3

How do income limits work for dual-earner households?

Accepted Answer

Lenders count all borrower income against area median limits. Two moderate incomes often exceed caps faster than one higher salary.

Question 4

Do community programs require mortgage insurance?

Accepted Answer

Most require MI with less than 20% down but charge lower premiums than FHA. The insurance drops off once you reach 20% equity through payments or appreciation.

Question 5

Which Brentwood neighborhoods qualify most often?

Accepted Answer

Older areas near downtown and developments south of Highway 4 qualify more frequently. Newer luxury subdivisions typically exceed income and price limits.

Community Mortgages in Brentwood: Flexible Paths to Homeownership