Question 1

Do I need perfect credit for a community mortgage in Farmersville?

Accepted Answer

No. Most programs start at 580 credit scores. Some accept lower scores with strong compensating factors like steady employment or large down payments.

Question 2

Can I use agricultural income to qualify?

Accepted Answer

Yes. Lenders familiar with Central Valley economies document seasonal farm income using tax returns, 1099s, and crop sale records to prove stability.

Question 3

What down payment do I need?

Accepted Answer

Many community programs require 0-3% down. Grant programs through Tulare County or nonprofits often cover this amount entirely for qualifying buyers.

Question 4

How do these compare to FHA loans?

Accepted Answer

Community mortgages often have lower rates or no PMI. Total monthly costs typically run $100-200 less than comparable FHA financing.

Question 5

Are homebuyer education classes required?

Accepted Answer

Most programs require 6-8 hours of education. Classes cover budgeting and maintenance—useful information even if you've owned property before.

Community Mortgages Built for Farmersville Homebuyers