Question 1

Do community mortgages in Commerce require first-time buyer status?

Accepted Answer

Most don't, but first-timers get priority when funding is limited. Veterans and teachers often qualify regardless of prior ownership.

Question 2

Can I use community mortgage programs for condos in Commerce?

Accepted Answer

Yes, if the complex is on HUD's approved list. Industrial-conversion condos near the 5 freeway often fail that requirement.

Question 3

How long does community mortgage approval take compared to FHA?

Accepted Answer

Add 10-15 days minimum. Lenders verify census tract eligibility and coordinate grant funding before final approval.

Question 4

What income counts toward the area median limits in Los Angeles County?

Accepted Answer

All household income from adults on title. Overtime and bonuses count if you show two-year history.

Question 5

Do community mortgages in Commerce have prepayment penalties?

Accepted Answer

Rarely on the mortgage itself, but grant programs often require 3-5 year occupancy. Sell early and you repay assistance on a sliding scale.

Community Mortgages in Commerce: Specialized Programs for Local Homebuyers