Question 1

What credit score do I need for a community mortgage in San Mateo?

Accepted Answer

Most community programs accept scores from 580, though 620 opens more options. Alternative credit like rent history can offset lower traditional scores.

Question 2

Can I use community mortgage programs with down payment assistance?

Accepted Answer

Yes, stacking is common and encouraged. We regularly layer city, county, and lender assistance to minimize cash needed at closing.

Question 3

Do community mortgages have income limits in San Mateo?

Accepted Answer

Most programs cap at 80-120% of area median income, roughly $120,000-$180,000 for individuals. Limits adjust higher for larger households.

Question 4

How long does community mortgage approval take?

Accepted Answer

Plan 45-60 days minimum. Documentation runs deeper than conventional loans, and grant coordination adds processing time you can't rush.

Question 5

Are community mortgage rates higher than conventional?

Accepted Answer

Typically 0.25-0.5% higher, offset by reduced or eliminated mortgage insurance. Rates vary by borrower profile and market conditions.

Community Mortgages Built for San Mateo Homebuyers