Question 1

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

Accepted Answer

Most programs accept 580-620 credit scores, much lower than conventional loans. Some lenders go to 580 with compensating factors like stable income or larger down payments.

Question 2

Can I use community mortgages for investment properties?

Accepted Answer

No, these are owner-occupied only. You must live in the home as your primary residence to qualify for community lending programs.

Question 3

How much down payment do community mortgages require?

Accepted Answer

Down payments start at 3% with homebuyer education. Some programs offer assistance grants that cover part or all of the down payment requirement.

Question 4

Do community mortgages have income limits in Turlock?

Accepted Answer

Yes, most cap income at 80-120% of Stanislaus County area median income. Exact limits vary by program and household size.

Question 5

How long does community mortgage approval take?

Accepted Answer

Expect 30-45 days from application to closing. Slightly longer than conventional but faster than FHA or USDA loans.

Question 6

Can self-employed borrowers qualify for community mortgages?

Accepted Answer

Yes, these programs accept 1099 income and self-employment with flexible documentation. Stable income matters more than employment type.

Community Mortgages in Turlock: Access Programs Built for Underserved Borrowers