Question 1

What credit score do I need for Community Mortgages in San Jose?

Accepted Answer

Minimum FICO is typically 620, though 640+ gets better rates. Recent credit repair or late payments don't automatically disqualify you — Community Mortgages evaluate the full profile, not just the score.

Question 2

Can I put down less than 20% and avoid PMI?

Accepted Answer

No. PMI applies on any conventional loan with less than 20% down. Community Mortgages accept 5% to 10% down; PMI cancels automatically at 78% LTV, typically in 8–10 years depending on appreciation.

Question 3

Do I need two years of tax returns for Community Mortgages?

Accepted Answer

Not always. Community Mortgages accept recent self-employment income with bank statements, profit-and-loss statements, and accountant letters. Freelancers and contractors often qualify faster than with traditional lenders.

Question 4

What's the monthly payment on a typical San Jose purchase?

Accepted Answer

Rates available on application — no live pricing for this program at the time of generation. Call for a quote on your specific loan amount and down payment.

Question 5

Can Community Mortgages handle jumbo loans above $1,249,125?

Accepted Answer

Yes. Jumbo loans are available, though they typically require 20% down and 6–12 months of liquid reserves. Rates run 0.125% to 0.5% higher than conforming due to portfolio risk.

Community Mortgages in San Jose: Local Lending for Silicon Valley Buyers