Question 1

Who qualifies for community mortgages in Milpitas?

Accepted Answer

Buyers with thin credit files, non-traditional income, or low down payment savings. The program is built for borrowers who don't fit standard loan criteria.

Question 2

Do community mortgage programs have income limits?

Accepted Answer

Many do. Limits vary by program and county. Santa Clara County's high median income can affect eligibility — ask your broker which programs apply.

Question 3

Can I use a community mortgage to buy a condo in Milpitas?

Accepted Answer

Often yes, but condo eligibility depends on the specific program and the project's approval status. Not all condo buildings qualify.

Question 4

Are community mortgage rates higher than FHA rates?

Accepted Answer

Not necessarily. Rates depend on the specific program and your profile. Rates vary by borrower profile and market conditions.

Question 5

Can I combine a community mortgage with down payment assistance?

Accepted Answer

Yes. Many community loan programs stack with California down payment assistance grants. A broker can identify which combinations are available in Santa Clara County.

Question 6

How long does the community mortgage process take?

Accepted Answer

Expect a similar timeline to FHA — typically 30 to 45 days. Gathering alternative documentation upfront keeps things moving.

Community Mortgages in Milpitas, CA