Question 1

What credit score do I need for a community mortgage in La Puente?

Accepted Answer

Most programs accept 580-620 credit scores. Some specialized CDFIs go lower with compensating factors like long employment history or larger down payments.

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 12 months after closing.

Question 3

How much down payment do community mortgage programs require?

Accepted Answer

Most require 3-5% down. Approved homebuyer education courses can reduce minimums. Many programs allow family gift funds to cover the entire down payment.

Question 4

Do community mortgages have income limits in La Puente?

Accepted Answer

Yes—limits vary by program but typically cap at 80-120% of area median income. A family of four usually qualifies under $110,000 annual income.

Question 5

What types of properties qualify for community mortgages?

Accepted Answer

Single-family homes, condos, and 2-4 unit properties where you occupy one unit. The property must meet standard appraisal and safety requirements.

Community Mortgages in La Puente: Homeownership Support for Working Families