The Answers You Need
Who Lives in CLCLT Homes?
CLCLT homeowners include families, children, grandparents, couples, and unmarried persons. They are social workers, bus drivers, teachers, students, office workers, business owners, stay-at-home parents, artists, and musicians.
Some of our lowest income homebuyers would not have been able to buy a home except through the CLCLT programs. Other CLCLT homeowners could have afforded to buy a home on the open market, but most likely would have qualified for a home in need of significant repairs which would have been too expensive for them to complete. The CLCLT program helps these families and individuals purchase a higher quality home than they would have otherwise been able to afford.
How Do I Qualify for CLCLT Homeownership?
All CLCLT homebuyers must meet our income eligibility guidelines (go to our Qualifications page for current income limits) and obtain a pre-qualification letter from a CLCLT partner lender.
Does my Household Size Affect My Eligibility for Purchasing With the CLCLT?
The composition of your household does not impact your eligibility for CLCLT programs.
I am Already Pre-Approved with Another Partner Lender. Can I Work with Them to Purchase A CLCLT Home?
CLCLT homebuyers must work with a CLT-partner lender. If you are currently working with one of our partner lenders you do not need to reapply.
What Types of Loans Work with the CLCLT?
CLCLT homebuyers must qualify for a Conventional mortgage (30-year mortgage with a fixed interest rate). The CLCLT does not work with FHA, ARM, VA or Interest-Only mortgages.
Do I Have to Work with a CLCLT Realtor?
You may choose to work with any realtor of your choice. If you don’t have a realtor, we can provide a list of realtors who have worked with our buyers in the past.
Who Will Pay the Property Taxes?
CLCLT homeowners pay all taxes and assessments associated with their property. As with all homeowners, the interest portion of your mortgage payment is tax deductible. If you itemize your federal income taxes, the property taxes that are paid are also tax deductible.
How do Homes Become Part of the CLT?
CLCLT homebuyers receive an affordability grant from the CLCLT to apply towards the purchase of their home. At closing, the homebuyer will receive title to the house, garage, shed and any improvements they make to the property (i.e. Buildings & Improvements). The CLCLT will obtain title to the land thereby bringing the home into the trust and ensuring the long-term affordability of the home for future income-qualified homebuyers.
What Happens if I get a Raise or a Higher Paying Job After Closing?
CLCLT home buyers must meet our income guidelines up to closing. After you close on a CLCLT home you no longer need to meet our income guidelines.
How do You Determine the Household Size?
All persons who will live in the home at the time of closing are included when determining the household size. For example, a married couple and their child would be considered a three-person household. Another example of a three-person household would be two adult children living with their aging parent.