Question 1

Do I need to be a first-time buyer for community mortgages?

Accepted Answer

Most programs don't require first-time buyer status. Income and property location matter more than purchase history for qualification.

Question 2

Can I use community mortgages for condos in Calistoga?

Accepted Answer

Yes, condos qualify if the HOA meets lender approval standards. The complex needs proper insurance coverage and reserve funding to pass underwriting.

Question 3

How does seasonal wine industry income affect approval?

Accepted Answer

Lenders average your income over 12-24 months to account for harvest season spikes. Consistent employment history matters more than month-to-month variation.

Question 4

What down payment assistance programs work in Napa County?

Accepted Answer

CalHFA and county-specific programs offer grants and second mortgages for down payments. SRK CAPITAL matches borrowers with programs that stack with community mortgages.

Question 5

Are interest rates higher on community mortgage programs?

Accepted Answer

Rates typically run 0.25-0.75% above conventional loans. The tradeoff is lower credit requirements and flexible income documentation that conventional loans won't accept.

Community Mortgages in Calistoga: Flexible Financing for Local Buyers