Steps to Homeownership Through CCLT

• Attend a Clackamas Community Land Trust Information Session
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. Information sessions are held weekly.

• 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 $20 to cover the cost of your credit report. CCLT will pull a credit report for you with information from all three credit bureas.

• 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 to cover the price of materials, including a useful reference guide. 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 help 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.

• Meet with a loan officer to get pre-approved for a mortgage
There are specific banks that 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.

• Obtain approval from the CCLT Board of Directors
CCLT staff will provide an overview of your application and financial situation to the board at its regular monthly meeting. Generally, Board meetings are on the fourth Thursday of the month. The CCLT Board of Directors will review your application and decide to approve it or make recommendations for future approval. Staff will notify you of their decision.

• 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
In some instances, there may be an opportunity to reserve a home in the next CCLT community through a "pre-sale". A pre-sale consists of choosing a home, signing a Purchase & Sale Agreement with CCLT and making a $1,500 deposit to an escrow account with a title company. CCLT will assist you with the purchase process, including the required paperwork. If there are no current properties available, you will remain on the waiting list.

• Successfully purchase your own home!