Question 1

What properties in Lafayette qualify for community mortgages?

Accepted Answer

Most single-family homes and condos under conforming loan limits work. Jumbo properties don't qualify since these programs target moderate-income buyers.

Question 2

Do I need to be a first-time buyer?

Accepted Answer

Not always. Program requirements vary by lender but many accept previous homeowners who meet income and credit criteria.

Question 3

How do income limits work in expensive markets?

Accepted Answer

Bay Area limits run much higher than national standards. A family earning $150K can often still qualify depending on household size.

Question 4

Can I use community mortgages with seller credits?

Accepted Answer

Yes. Seller concessions toward closing costs are allowed and often essential for buyers using these programs with minimal cash reserves.

Question 5

How long does approval take compared to conventional loans?

Accepted Answer

Timelines run similar once you find the right lender. The challenge is identifying which banks actively fund these products in Contra Costa County.

Community Mortgages in Lafayette: Flexible Paths to East Bay Homeownership