Question 1

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

Accepted Answer

Most programs start at 580, with some going lower if you have strong compensating factors. Higher scores unlock better rates and lower mortgage insurance.

Question 2

How do community mortgages differ from FHA loans?

Accepted Answer

Community mortgages often allow higher debt ratios and more flexible income documentation. Mortgage insurance can be lower and may drop off, unlike FHA's lifetime requirement.

Question 3

Can I use a community mortgage for any property in Adelanto?

Accepted Answer

Most single-family homes qualify, but condos and manufactured homes face restrictions. The property must meet standard appraisal requirements for the specific program.

Question 4

Do community mortgages require down payment assistance?

Accepted Answer

No, but they allow it. You can use your own funds, gift money, or stack with local down payment assistance programs to minimize cash needed at closing.

Question 5

How long does approval take for community mortgages?

Accepted Answer

Timeline runs 30-45 days typically. San Bernardino County appraisals can add a week, and some programs require additional income verification that extends processing slightly.

Community Mortgages in Adelanto: Flexible Financing for Growing Neighborhoods