Question 1

What income counts toward qualification?

Accepted Answer

W-2 wages, self-employment income, rental income, and sometimes child support or alimony. Each lender has different rules for non-traditional income.

Question 2

Can I use community mortgages for condos?

Accepted Answer

Yes, if the condo is in an approved complex. Some lenders restrict to single-family homes, but many allow condos in San Bruno.

Question 3

Do I need to be a first-time buyer?

Accepted Answer

Not always. Some programs prioritize first-timers, but repeat buyers who meet income limits often qualify.

Question 4

How long does approval take?

Accepted Answer

Expect 30-45 days from application to close. Documentation requirements add time compared to conventional loans.

Question 5

What if my credit is below 580?

Accepted Answer

You'll likely need to rebuild credit first. A few lenders go lower, but rates jump significantly below 580.

Community Mortgages in San Bruno: Flexible Financing for Underserved Buyers