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Coronado's waterfront and military-adjacent location make it one of San Diego County's most sought neighborhoods. Homes here command premium prices, with the median reflecting the island's exclusive appeal and proximity to Naval Air Station North Island.
Community Mortgages bring local lending expertise to Coronado's high-value market. These programs are designed for borrowers with strong financials who want personalized service and faster decisions than typical retail lenders provide.
680
Minimum FICO
5% to 20%
Down Payment Range
21–30 days
Typical Close
$1,104,000
2026 Conforming Limit
$102,285
County Median Income
Community Mortgages in Coronado
Community Mortgages typically require a 680+ FICO score and a debt-to-income ratio under 43%. Down payments range from 5% to 20%, depending on your credit profile and reserves.
Coronado's price point means most buyers exceed the county median income. Lenders focus on your reserves and employment stability. Self-employed borrowers need two years of tax returns and a CPA letter.
Local decision guide
Use this guide to connect community mortgages eligibility, lender expectations, and local market factors before comparing payment options in Coronado.
Coronado's waterfront and military-adjacent location make it one of San Diego County's most sought neighborhoods. Homes here command premium prices, with the median reflecting the island's exclusive appeal and proximity to Naval Air Station North Island.
Community Mortgages bring local lending expertise to Coronado's high-value market. These programs are designed for borrowers with strong financials who want personalized service and faster decisions than typical retail lenders provide.
Community Mortgages typically require a 680+ FICO score and a debt-to-income ratio under 43%. Down payments range from 5% to 20%, depending on your credit profile and reserves.
California's community mortgage market splits between broker-originated loans and direct lenders. Brokers shop multiple wholesale lenders and often close faster for Coronado's high-value purchases. Direct lenders control pricing but may have longer timelines.
Most community lenders close in 21 to 30 days for conventional loans with full documentation. Coronado's military presence means VA loans move quickly here too. Expect rate locks between 30 and 60 days depending on the lender's appetite.
Community Mortgages make sense for Coronado buyers with 10%+ down and a FICO above 720. At that credit tier, you'll get competitive rates and personal attention.
The real advantage shows up in speed. A Coronado buyer closing in 21 days instead of 35 saves on rate-lock extensions and appraisal contingencies. That matters when you're competing in a tight island market where inventory moves fast.
FHA loans run lower rates than Community Mortgages but carry lifetime mortgage insurance if you put down less than 10%. On a $900,000 Coronado purchase, that insurance adds $200+ monthly forever. Community Mortgages skip PMI at 20% down with no rate penalty.
Conventional loans above the conforming limit ($1,104,000) become jumbo loans. Jumbo rates typically run 0.25% to 0.5% higher than conforming and require 20% down plus six months reserves.
Coronado's Naval Air Station North Island drives a steady military buyer base. Active-duty and retired military often qualify for VA loans, which compete directly with Community Mortgages on rate.
The island's school district and waterfront lifestyle attract families and retirees. Coronado's median home price reflects that demand.
Most lenders require 680 FICO minimum, but 720+ gets you the best rates and terms. Below 680, you'll face higher rates or be steered to FHA. Check with your lender for their exact floor.
Community Mortgages accept 5% to 20% down. At 5%, you'll carry PMI. At 20%, PMI drops off entirely. Most Coronado buyers put 10% to 15% down to balance cash reserves and monthly payment.
21 to 30 days is standard for full documentation. Coronado's military presence and strong local lending infrastructure support quick closings. Rate locks typically run 30 to 60 days.
It depends on your down payment and credit. FHA rates run lower but carry lifetime insurance below 10% down. Community Mortgages skip PMI at 20% down with no rate penalty. Above 720 FICO with 10%+ down, Community Mortgages usually win.
You'll need two years of tax returns and a CPA letter. Community lenders review self-employed income more carefully than W-2 employees, but Coronado's market has plenty of self-employed buyers. Plan for a slightly longer underwriting timeline.