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Gilroy sits at the southern edge of Santa Clara County, where tech-driven job growth and infrastructure investment are reshaping the region. OpenAI's new Mountain View office complex signals sustained demand for housing across the valley.
Santa Clara County's median household income of $159,674 supports purchases in the $700,000 to $900,000 range comfortably. Community Mortgages offer a middle path between strict conventional rules and government-backed programs.
620
Minimum FICO
3% to 20%
Down Payment Range
21–30 days
Typical Close
Accepted
Self-Employment Income
$1,249,125
2026 Conforming Limit
Community Mortgages in Gilroy
Community Mortgages typically require a 620+ FICO score and accept down payments from 3% to 20%. They're designed for borrowers who don't fit neatly into conventional or FHA boxes — self-employed buyers, recent credit events, or non-traditional income...
At Santa Clara County's median household income of $159,674, a buyer can comfortably support a $700,000 to $800,000 purchase. Community Mortgages allow debt-to-income ratios up to 50%, which opens doors for buyers with student loans or other obligations.
Local decision guide
Use this guide to connect community mortgages eligibility, lender expectations, and local market factors before comparing payment options in Gilroy.
Gilroy sits at the southern edge of Santa Clara County, where tech-driven job growth and infrastructure investment are reshaping the region. OpenAI's new Mountain View office complex signals sustained demand for housing across the valley.
Santa Clara County's median household income of $159,674 supports purchases in the $700,000 to $900,000 range comfortably. Community Mortgages offer a middle path between strict conventional rules and government-backed programs.
Community Mortgages typically require a 620+ FICO score and accept down payments from 3% to 20%. They're designed for borrowers who don't fit neatly into conventional or FHA boxes — self-employed buyers, recent credit events, or non-traditional income...
Community Mortgages sit between retail banks and portfolio lenders in California. Brokers can access these programs through wholesale channels, which means faster pricing and more flexibility than traditional conforming loans.
The California mortgage market has shifted toward portfolio and community-bank products as conforming overlays tighten. Community Mortgages fill that gap by accepting borrowers with thin credit files, recent late payments, or non-W2 income.
Community Mortgages make sense in Gilroy when a buyer has solid income but imperfect credit or non-traditional employment. A self-employed contractor earning $180,000 annually might not qualify for conventional due to tax return averaging, but Community...
They don't make sense if you have 20% down and a 740+ FICO — conventional will be cheaper and faster. Community Mortgages cost more in rate and fees to offset the underwriting risk. Use them strategically, not as a default.
Conventional loans require 20% down to avoid PMI and typically demand 740+ FICO. Community Mortgages let you put 3% down with a 620 FICO, but you'll carry mortgage insurance and pay a higher rate. The tradeoff is flexibility in credit and income versus cost.
FHA loans also accept lower credit scores and smaller down payments, but they carry lifetime mortgage insurance if you put less than 10% down. Community Mortgages offer a middle ground — better rates than FHA with similar down-payment flexibility.
The Silicon Valley Lunar New Year celebration in Santa Clara drew over 200 vendors and a two-day parade in early 2026. That kind of community investment signals stable neighborhoods and strong local economies.
Santa Clara County's broadband digital equity study shows the county is investing in infrastructure as a utility. Better connectivity supports remote work and property values.
620 FICO is the typical floor. Scores between 620 and 680 may carry a rate adjustment. Above 680, you'll see better pricing. Recent late payments are evaluated on a case-by-case basis.
Yes. Community Mortgages accept year-to-date profit and loss statements, recent tax returns, and bank statements for self-employed borrowers. You don't need two years of averaging like conventional programs require.
Community Mortgages accept 3% to 20% down. At 3% down, you'll carry mortgage insurance. At 10% or higher, insurance costs drop significantly. Your rate adjusts based on the down-payment percentage and FICO score.
Typical timeline is 21 to 30 days for a clean file. Self-employed borrowers or those with recent credit events may need 35 to 45 days for full documentation review. Appraisal and title work run parallel.
Yes, typically 0.25% to 0.75% higher in rate depending on credit and down payment. The tradeoff is flexibility — you can qualify with lower credit and smaller down payment. If you have 20% down and 740+ FICO, conventional is cheaper.