Question 1

What income limits apply to community mortgages in Orinda?

Accepted Answer

Most programs cap income at 80-120% of Contra Costa County median, roughly $90K-135K for single buyers. Limits increase for larger households and vary by specific program.

Question 2

Can I use community mortgages for investment properties?

Accepted Answer

No, these programs require owner occupancy. You must live in the home as your primary residence for at least one year, sometimes longer depending on down payment assistance terms.

Question 3

Do community mortgages require mortgage insurance in Orinda?

Accepted Answer

It depends on the program and down payment amount. Some waive PMI entirely, others charge lower rates than FHA. We compare options to find the cheapest structure for your situation.

Question 4

How long does community mortgage approval take?

Accepted Answer

Expect 30-45 days from application to closing. Processing runs slower than conventional loans because lenders verify income limits and coordinate with assistance programs.

Question 5

What credit score do I need for community mortgages?

Accepted Answer

Most lenders accept 620 minimum, some go to 580. Lower scores mean higher rates and stricter income requirements, but approval is possible with clean payment history.

Community Mortgages in Orinda — Flexible Paths to Homeownership