Question 1

What income limits apply for community mortgages in San Mateo County?

Accepted Answer

Limits vary by program and household size, typically ranging from 80-120% of county AMI. A family of four may qualify up to $200,000+ depending on the specific program.

Question 2

Can I use community mortgage programs for investment properties?

Accepted Answer

No, these programs require owner occupancy as a primary residence. Most mandate a minimum one to three year occupancy commitment after closing.

Question 3

Do community mortgages require mortgage insurance?

Accepted Answer

Yes, loans with less than 20% down carry MI. Some programs offer reduced MI rates or lender-paid options that raise the interest rate slightly.

Question 4

How quickly do community mortgage funds deplete?

Accepted Answer

Allocation timing varies by lender and season. Popular programs exhaust funding within weeks during peak buying periods, making early application critical.

Question 5

Can self-employed borrowers qualify for community mortgages?

Accepted Answer

Yes, with two years of tax returns showing stable income. Self-employment adds documentation complexity but doesn't automatically disqualify applicants meeting other criteria.

Community Mortgages in Portola Valley: Flexible Paths to San Mateo County Homeownership