Question 1

What income limits apply to community mortgages in Contra Costa County?

Accepted Answer

Most programs cap income at 80-120% of area median income based on household size. For a family of four, that typically means $120,000-180,000 annually depending on the specific program.

Question 2

Do I have to repay down payment assistance if I sell my Concord home?

Accepted Answer

It depends on the program structure. Forgivable grants disappear after 3-5 years, while deferred loans come due at sale or refinance. Check each program's recapture terms before committing.

Question 3

Can I use community mortgages for condos or just single-family homes?

Accepted Answer

Most programs cover condos, townhomes, and single-family properties. The condo project must meet standard approval requirements just like any conventional or FHA financing.

Question 4

How do community mortgage rates compare to FHA loans?

Accepted Answer

Base rates run similar to conventional financing, often 0.25-0.5% lower than FHA. The savings comes from avoiding lifetime mortgage insurance on most structures.

Question 5

What happens if my income increases after I get a community mortgage?

Accepted Answer

Your mortgage payments stay the same. Some assistance programs trigger recapture if income rises significantly above limits, but the base loan remains unchanged regardless of earnings.

Community Mortgages in Concord: Flexible Financing for First-Time and Underserved Buyers