Question 1

What credit score do I need for a community mortgage in Winters?

Accepted Answer

Most programs accept 580-620 minimum scores. Borrowers with 640+ scores often qualify for better rate pricing and lower fees.

Question 2

Can I use a community mortgage to buy investment property?

Accepted Answer

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

Question 3

How much down payment do community mortgages require?

Accepted Answer

Down payments start at 3% for qualified borrowers. Many programs offer down payment assistance grants that can cover 2-5% of the purchase price.

Question 4

Do community mortgages have income limits in Yolo County?

Accepted Answer

Yes, limits typically range from 80-115% of area median income depending on program. A family of four can usually earn up to $110K-$130K and still qualify.

Question 5

How do rates compare to conventional mortgages?

Accepted Answer

Community mortgage rates typically run 0.25-0.50% higher than conventional for similar credit profiles. Rates vary by borrower profile and market conditions.

Question 6

Can self-employed borrowers qualify for community mortgages?

Accepted Answer

Yes, many programs accept self-employment income with 12-24 months of documentation. Underwriting is more flexible than conventional loans for business owners.

Community Mortgages in Winters: Flexible Paths to Homeownership