Question 1

Do I have to be a first-time buyer to qualify?

Accepted Answer

Not always. Many community programs allow repeat buyers who meet income and area requirements. Ask which specific program fits your situation.

Question 2

Are there income limits for Mountain View borrowers?

Accepted Answer

Yes. Limits are set by program and household size. Santa Clara County's high median income means some limits are higher than other California counties.

Question 3

Can I use a community mortgage on a condo in Mountain View?

Accepted Answer

Many programs allow condos. The building must meet lender approval standards. HOA financials and owner-occupancy ratios matter here.

Question 4

How is this different from an FHA loan?

Accepted Answer

Community mortgages often carry better mortgage insurance terms. FHA charges MI for the life of most loans. Some community programs cancel it earlier.

Question 5

Do these programs work with down payment assistance?

Accepted Answer

Many do. Stacking a community mortgage with a CalHFA or county DPA grant is a common strategy we use for Mountain View buyers with limited cash.

Question 6

How long does it take to close a community mortgage?

Accepted Answer

Timeline is similar to conventional — roughly 30 days. Some programs have extra approval steps that can add a week. Plan accordingly.

Community Mortgages in Mountain View, CA