Question 1

Who qualifies for community mortgages in Simi Valley?

Accepted Answer

Borrowers meeting income limits for Ventura County with credit scores typically 580-620 or higher. Programs prioritize first-time buyers and underserved communities.

Question 2

What down payment do community mortgages require?

Accepted Answer

Most programs start at 3% down. Some offer down payment assistance grants that reduce or eliminate upfront cash requirements entirely.

Question 3

Can I use a community mortgage for any Simi Valley home?

Accepted Answer

No. Programs set maximum purchase price limits based on area median home values. Higher-priced properties won't qualify for community lending programs.

Question 4

How do community mortgages compare to FHA loans?

Accepted Answer

Community programs often accept lower credit scores and may avoid lifetime mortgage insurance. FHA loans offer more consistent availability but stricter insurance costs.

Question 5

When should I apply for a community mortgage?

Accepted Answer

Apply early in the calendar year when program funding is fullest. Many community lending initiatives have annual allocations that deplete by late summer.

Community Mortgage Programs in Simi Valley — Flexible Paths to Homeownership