Question 1

What income limits apply to community mortgages in Woodlake?

Accepted Answer

Limits vary by program but typically range from 80-120% of Tulare County median income. Most Woodlake working families qualify within these bands.

Question 2

Can I use a community mortgage for investment property?

Accepted Answer

No, these loans require owner occupancy. You must live in the home as your primary residence for at least 12 months after closing.

Question 3

Do community mortgages have prepayment penalties?

Accepted Answer

Most don't, but a few lenders impose 1-3 year soft prepayment penalties. We screen for this and prioritize no-penalty options for clients.

Question 4

How does farm income get calculated for qualification?

Accepted Answer

Lenders average 12-24 months of income for seasonal ag workers. Tax returns and pay stubs establish the pattern used for debt ratios.

Question 5

What property types qualify for community mortgages?

Accepted Answer

Single-family homes, condos, and manufactured homes on permanent foundations qualify. Multi-unit properties up to fourplex work if you occupy one unit.

Question 6

Can I combine community mortgages with down payment assistance?

Accepted Answer

Yes, most programs stack with state and county DPA grants. This combination cuts your cash-to-close significantly in Tulare County.

Community Mortgages Built for Woodlake Homebuyers