Question 1

What credit score do I need for a community mortgage in Shasta Lake?

Accepted Answer

Most programs start at 620, though some accept 580 with strong compensating factors like stable employment or significant reserves. Each lender sets its own floor within program guidelines.

Question 2

Can I use community mortgages for investment properties?

Accepted Answer

No, these programs require owner occupancy as a primary residence. Investment properties need conventional or portfolio financing with different qualification standards.

Question 3

Do community mortgages charge higher interest rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Some programs match conventional rates, while others add small premiums offset by lower down payment requirements or reduced mortgage insurance.

Question 4

How do I know if my Shasta Lake property qualifies?

Accepted Answer

Eligibility depends on the property's census tract designation. We verify location eligibility during the initial loan consultation before you make an offer.

Question 5

Can I combine community mortgages with down payment assistance?

Accepted Answer

Yes, most community programs explicitly allow stacking with local or state down payment assistance grants. This combination often eliminates upfront cash requirements entirely.

Community Mortgages in Shasta Lake: Flexible Paths to Homeownership