Question 1

What credit score do I need for a community mortgage in King City?

Accepted Answer

Most programs accept 580-620 depending on compensating factors. Some allow alternative credit like rent history if you lack traditional credit accounts.

Question 2

Can I use farm income to qualify?

Accepted Answer

Yes if you provide two years of W-2s or tax returns showing consistent earnings. Seasonal fluctuations are acceptable with proper documentation and averaging.

Question 3

How much down payment is required?

Accepted Answer

Typically 3-5% though local assistance programs can cover part or all of this amount. We help you apply for all available grants simultaneously.

Question 4

Do community mortgages have income limits like USDA loans?

Accepted Answer

Income caps exist but run higher than USDA thresholds. Most King City households earning under $120K for a family of four qualify.

Question 5

Can I buy a fixer-upper with this loan type?

Accepted Answer

Yes with repair escrows up to $15,000 for deferred maintenance. The property must be habitable at closing with repairs completed within 90 days.

Community Mortgages in King City — Built for Underserved Borrowers