Question 1

What income counts for community mortgage qualification in Millbrae?

Accepted Answer

W-2 wages, documented gig work, rental income, child support, and part-time jobs all count with proper documentation. Lenders review 12-24 months of bank deposits to verify stability and calculate qualifying income.

Question 2

Can I use community mortgages for Millbrae condos not FHA-approved?

Accepted Answer

Yes, many community mortgage lenders approve non-warrantable condos and buildings with higher investor ratios. This opens up more inventory than FHA or conventional programs allow in Millbrae's condo market.

Question 3

How much down payment do community mortgages require in San Mateo County?

Accepted Answer

Most programs start at 3-5% down. You can layer down payment assistance grants or employer programs on top of personal funds to reach the minimum requirement.

Question 4

Do community mortgages have income limits for Millbrae buyers?

Accepted Answer

Some programs cap income at area median levels while others have no income restrictions. We match you to programs fitting your household income and the property you're buying.

Question 5

What credit score is needed for a community mortgage in Millbrae?

Accepted Answer

Programs exist starting at 580 FICO, and some consider alternative credit if you lack sufficient tradelines. Strong rent payment history and utility records can compensate for limited credit files.

Community Mortgages in Millbrae: Flexible Paths to Peninsula Homeownership