Question 1

Do I qualify if I owned a home before?

Accepted Answer

Yes, after three years from prior ownership. First-time buyers get slight rate advantages but repeat buyers qualify with same down payment and credit minimums.

Question 2

Can I use community mortgages for investment properties?

Accepted Answer

No, these programs require owner occupancy. You must live in the property as your primary residence for at least one year after closing.

Question 3

How does seasonal farm income affect approval?

Accepted Answer

Lenders average 24 months of deposits to calculate qualifying income. Seasonal patterns don't disqualify you when history shows consistent annual earnings.

Question 4

What areas of Yuba City qualify as community development zones?

Accepted Answer

Most of Sutter County qualifies based on census tract income data. We verify eligibility by address during pre-approval since boundaries update annually.

Question 5

Are rates higher than conventional loans?

Accepted Answer

Rates vary by borrower profile and market conditions. Community mortgages often price within 0.25% of conventional when credit exceeds 680 and down payment reaches 5%.

Community Mortgages in Yuba City: Flexible Paths to Homeownership