Question 1

Can I use a community mortgage for a Beverly Hills condo?

Accepted Answer

Unlikely unless it's an occupation-specific program. Most community mortgages have income caps well below Beverly Hills price requirements.

Question 2

What credit score do I need for community mortgage programs?

Accepted Answer

Most programs accept 580-620 scores. Credit unions sometimes go lower with compensating factors like stable employment or low debt ratios.

Question 3

Do community mortgages require mortgage insurance?

Accepted Answer

Yes, if your down payment is under 20%. MI rates match conventional loans but some programs offer lender-paid options with higher rates.

Question 4

How do occupation-based programs work in Beverly Hills?

Accepted Answer

Teachers, first responders, and healthcare workers may qualify through employer partnerships. These programs often require minimum service commitments of 3-5 years.

Question 5

Can I combine community mortgages with down payment assistance?

Accepted Answer

Yes, many programs stack with CalHFA or local DPA grants. This combination can reduce your cash requirement to under $10,000 total.

Question 6

Are there income limits for Beverly Hills community mortgages?

Accepted Answer

Most programs cap income at 80-120% of area median. That's roughly $85K-$130K for LA County, far below Beverly Hills buyer incomes.

Community Mortgages in Beverly Hills: Targeted Programs for Underserved Buyers