Question 1

Do community mortgage programs have income limits?

Accepted Answer

Most do. Limits vary by program and household size. A broker can match you to programs where your income qualifies.

Question 2

Can I use a community mortgage to buy in Monte Sereno?

Accepted Answer

Possibly, but local home prices can exceed program limits. We'll check current caps before assuming eligibility.

Question 3

What credit score do I need?

Accepted Answer

It depends on the program. Some accept scores below 640. Others require 660 or higher. There's no single answer.

Question 4

Are these programs only for first-time buyers?

Accepted Answer

Not always. Some are open to repeat buyers who meet income and property requirements. First-time buyer status can unlock extra benefits though.

Question 5

How do community mortgages differ from FHA loans?

Accepted Answer

FHA has standardized federal guidelines. Community programs are more flexible and often include down payment or rate assistance FHA doesn't offer.

Community Mortgages in Monte Sereno, CA