Steps to Homeownership through CCLT

• Attend a Clackamas Community Land Trust Orientation
This is a free one-hour session where staff provide the details of how the Land Trust operates and how you can become a Land Trust homeowner.  Attend an Orientation.

• Fill out a CCLT Housing Application & an Authorization to Obtain Credit Report

Filling out the application does not obligate you to work with our program, but it provides more details about your financial situation. This allows us to work with you more effectively in reaching your goal of owning a home. Return the application, the Authorization form and a check for $25 to cover the cost of your credit report and credit review with staff. CCLT will pull a credit report for you with information from all three credit bureaus.

• Attend a Homebuyer Education Workshop

CCLT uses the “ABCs of Homebuying” curriculum for its monthly First Time Homebuyer Workshops. Learn about the many stages of becoming a homeowner, from determining how much you can afford to the closing process, from people who know. Housing experts including realtors and loan officers, lead these sessions. The Workshop is for anyone thinking about buying a home, not just for CCLT homebuyers. The cost is $30 for 1 person, $35 for two people. Register for a Homebuyer Education workshop.

• Schedule time with CCLT staff to review your application and make a plan

Everyone’s situation is different. A list of approved lenders is available from CCLT staff. This is a chance for us to help you make a credit repair and/or savings plan just for you. Banks want to see that you have a solid financial record for mortgage approval. Do not worry if your credit is not perfect, though, because there are steps you can take to clean up your credit report. In addition, you will have to save for an earnest money deposit, down payment and closing costs, and other home purchase expenses.

Once this step has been completed and CCLT staff has determined that you are able to get a mortgage, you will be added to the CCLT Qualified Buyer list.  Each Qualified Buyer is notified of all CCLT homeownership opportunities.  Once you have chosen a home, you will complete the steps below.

• Meet with a loan officer to get pre-approved for a mortgage
Specific banks have created partnerships with CCLT to provide mortgages to our homebuyers. A list of approved lenders is available from CCLT staff. Although it may be tempting to meet with other lenders, it might mean that you would have to do this step twice. We are always willing to work with new lenders, but it can take as long as a year for them to approve the program. We want the process to be as smooth as possible for you.

• Review the CCLT Land Lease with an Attorney
You must meet with an attorney to review the Land Lease. This is to ensure you understand the Land Lease, particularly the resale formula. We can provide you with the names of some attorneys who are willing to work with you at a reduced cost.

• Sign a Purchase and Sale Agreement
Once you are a Qualified Buyer, CCLT staff will inform you of any homeownership opportunities that come available.  CCLT will assist you with the purchase process including the required paperwork, inspections, and attorney meeting. If there are no current properties available, you will remain on the waiting list.

• Successfully purchase your own home!