Question 1

Who qualifies for community mortgages in Santa Barbara?

Accepted Answer

Borrowers earning 80-120% of area median income with 620+ credit typically qualify. First-time buyers and community workers get priority in most programs.

Question 2

How much down payment assistance is available?

Accepted Answer

Assistance ranges from 3-5% of purchase price depending on the program. Some grants cover closing costs in addition to down payment funds.

Question 3

Can I use a community mortgage for a condo?

Accepted Answer

Yes, condos qualify if the property meets program price limits and location requirements. Many Santa Barbara buyers use these loans for condos specifically.

Question 4

Do community mortgage programs charge higher rates?

Accepted Answer

Rates typically match or beat FHA levels. Some programs offer below-market rates as an incentive for qualifying borrowers.

Question 5

What if my income exceeds the program limits?

Accepted Answer

Look at conventional loans with low down payment options instead. We'll compare all programs to find the best fit for your income level.

Question 6

How long does community mortgage approval take?

Accepted Answer

Expect 30-45 days from application to closing. Extra time accounts for grant coordination and income verification steps.

Community Mortgages in Santa Barbara: Affordable Pathways to Homeownership