Question 1

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

Accepted Answer

Most programs accept scores as low as 580. Some lenders go higher, but 620 opens more options with better rates.

Question 2

Can I use a community mortgage for a condo in Sand City?

Accepted Answer

Yes, if the condo project meets lender approval standards. Industrial conversions sometimes require extra review.

Question 3

How much down payment assistance is available?

Accepted Answer

Grants range from $5,000 to $50,000 depending on the program. Some require repayment if you sell within five years.

Question 4

Do community mortgages work with other loan types?

Accepted Answer

Absolutely. They often layer with FHA or conventional loans. The community program handles down payment or rate buydowns.

Question 5

What income limits apply in Monterey County?

Accepted Answer

Limits vary by household size and program. Expect caps around 80-120% of area median income for most community loans.

Question 6

How long does community mortgage approval take?

Accepted Answer

Figure 30-45 days from application to close. Programs with down payment assistance add two weeks for grant processing.

Community Mortgages in Sand City: Flexible Paths to Homeownership