Question 1

What income limits apply to community mortgages in Moraga?

Accepted Answer

Limits vary by program and household size, typically ranging from 80% to 120% of area median income. Contra Costa County's higher AMI means more borrowers qualify than in rural areas.

Question 2

Can I use community mortgage programs for condos in Moraga?

Accepted Answer

Most programs allow condos if the HOA meets lender requirements. Some community lenders have more flexible condo approval than conventional programs.

Question 3

How do community mortgages differ from FHA loans?

Accepted Answer

Community programs often have lower mortgage insurance and more flexible underwriting. FHA requires upfront and annual MI that can increase monthly costs significantly.

Question 4

Do community mortgage programs require first-time buyer status?

Accepted Answer

Not always. Many programs serve specific professions or moderate-income households regardless of prior homeownership.

Question 5

What credit score do I need for a community mortgage?

Accepted Answer

Most programs start at 580 to 620 credit scores. Strong compensating factors like large down payments or low debt ratios help overcome lower scores.

Community Mortgages in Moraga: Access Flexible Homeownership Programs