Question 1

What's the minimum credit score for a Community Mortgage in Waterford?

Accepted Answer

620 FICO is the floor. Scores between 620 and 660 qualify at standard rates. Above 680, you may find conventional loans cheaper. Community Mortgages are built for borrowers in that 620–660 sweet spot.

Question 2

Can I put down 3% and still qualify?

Accepted Answer

Yes. 3% down is the Community Mortgage minimum. You'll pay mortgage insurance, but it cancels at 78% LTV. Most borrowers hit that threshold in 8 to 12 years with on-time payments.

Question 3

How long does closing take with a Community Mortgage?

Accepted Answer

Plan for 45 to 60 days. Community lenders do more manual underwriting than big banks. They verify employment directly, pull bank statements, and request explanations for credit issues. That thoroughness takes time but protects you both.

Question 4

Do I need a perfect job history to qualify?

Accepted Answer

No. Community Mortgages work with self-employed borrowers, recent job changes, and non-traditional income. Lenders want to see 2 years of history and current stability, not a spotless 10-year record.

Question 5

Is mortgage insurance on a Community Mortgage permanent?

Accepted Answer

No. PMI cancels when you reach 78% LTV. That's a major advantage over FHA, where insurance never cancels if you put down less than 10%. Refinancing is the only FHA escape; Community Mortgages cancel automatically.

Community Mortgages in Waterford: Local Lending for Central Valley Buyers