Question 1

Do Community Mortgages only work for first-time buyers?

Accepted Answer

No. Most programs accept previous homeowners who meet income and location requirements. First-time status helps but isn't mandatory.

Question 2

Can I use a Community Mortgage on a condo in Pismo Beach?

Accepted Answer

Yes, if the condo meets program approval standards. Some Community Mortgages restrict property types, but most allow condos and townhomes.

Question 3

How long does Community Mortgage approval take?

Accepted Answer

Plan for 30-45 days. Income verification and program eligibility checks add time versus conventional loans.

Question 4

Do I need to live in the home full-time?

Accepted Answer

Yes. Community Mortgages require owner occupancy. Investment properties and second homes don't qualify under these programs.

Question 5

Will my interest rate be higher than a conventional loan?

Accepted Answer

Rates vary by borrower profile and market conditions. Community Mortgages often match or beat FHA rates for qualified applicants.

Community Mortgages in Pismo Beach: Accessible Homeownership Programs