Question 1

What income counts for community mortgage qualification in Burlingame?

Accepted Answer

W-2 income, self-employment income, gig work, and rental income all count. Some programs accept non-traditional sources like child support or VA benefits with 12-month payment history.

Question 2

Can I use community mortgages for investment properties?

Accepted Answer

No. All community mortgage programs require owner occupancy as primary residence. You must live in the home for at least one year after closing.

Question 3

Do community mortgages have prepayment penalties?

Accepted Answer

Most programs have no prepayment penalties. A few include recapture provisions if you sell within 3-5 years, requiring partial grant repayment. We disclose all terms upfront.

Question 4

How long does community mortgage approval take in San Mateo County?

Accepted Answer

Expect 30-45 days from application to closing. Longer than conventional due to manual underwriting and program verification. We expedite by submitting complete files.

Question 5

What happens if I exceed income limits after approval?

Accepted Answer

Qualification is based on income at application. Future income changes don't affect your loan after closing. Income limits only matter during initial underwriting.

Community Mortgages in Burlingame: Flexible Paths to Peninsula Homeownership