Question 1

What's the minimum credit score for community mortgages in San Pablo?

Accepted Answer

Most programs accept 580, though some go to 550 if you complete homebuyer education. Lower scores need compensating factors like larger down payments or lower debt ratios.

Question 2

Do I have to be a first-time buyer to qualify?

Accepted Answer

Not always. Some San Pablo programs prioritize first-timers but also accept buyers who haven't owned in three years. Income and property location matter more than ownership history.

Question 3

How much down payment assistance can I get in Contra Costa County?

Accepted Answer

Assistance ranges from $5,000 to $50,000 depending on the program. Most cap at 3-5% of purchase price and come as forgivable loans or deferred second mortgages.

Question 4

Can I use a community mortgage for a condo in San Pablo?

Accepted Answer

Yes, if the condo complex is approved by the specific lender program. Not all community mortgage programs accept condos, so verify eligibility before making offers.

Question 5

What happens to down payment assistance if I sell within five years?

Accepted Answer

You'll likely repay a prorated portion based on how long you owned the home. Most programs forgive 20% per year, so selling after three years means repaying 40% of the assistance.

Question 6

Are community mortgage rates higher than conventional rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Community mortgages often match or beat FHA rates, especially when you factor in reduced PMI and assistance benefits.

Community Mortgages in San Pablo: Flexible Paths to Homeownership