(Above: Emerson Village Townhomes Imagery from corner of Emerson and Chelan)
More homes coming in 2023!
FOLLOW THESE STEPS TO PURCHASE A HOME WITH CVHT
Note: Buying a home with CVHT is much like purchasing a home on the traditional market with a few different steps. We even help you along the way. Please do not get discouraged if things take longer than you think or seem complicated. We’re here to help make this happen for you!
When in doubt, APPLY. Even if you think you are over the income thresholds or under. Many times that is not the case and folks are eligible, so submit an application even if you’re not sure and we’ll evaluate and look together. Worst case we’ll try to connect you to organizations or professionals that might have something we don’t!
Step 1: Eligibility, Viewing, and Pre-Approval
- Apply online here. Fill out to the best of your knowledge, then we can start your file.
- Schedule a meeting with CVHT to view the home (Emerson Village is now sold, we will let all applicants know when there are more homes available. Please do still APPLY as we prioritize our waitlist based on application date)
- Obtain a pre-qualification with a local lender. List of approved lenders here.
- Once pre-qualification letter is obtained, submit the following to CVHT:
- Copy of Pre-qualification letter
- 1 Month Pay Stubs (both note signers)
- 2 Months bank statements from both checking and savings (both note signers if not sharing accounts)
- 2 years tax returns (both note signers)
- 2 years w2s (both note signers)
- U.S. Passport OR Valid ID and Social Security Card
- Pay the 30.00 Application Fee here. (Processed as a donation, but is actually the application fee, we will send a confirmation)
- NOTE: To keep documents secure, upload and send separately using the Tresorit App (send to email@example.com), or Dropbox App (Scan Feature.) You can always set an appointment to drop them off in person as well to be scanned and returned to you. Make an appointment here.
- If there is more work to do in order to qualify for financing, CVHT will refer you to a nonprofit partner organization (American Financial Solutions) that will help you develop an action plan FOR FREE, which typically includes 1 more of the following actions:
- Increase income to amount needed to afford the home. See this helpful handout.
- Decrease expenses/debt to the amount discussed at this meeting. See this helpful handout. Also here is a budget template.
- Work on credit (640 or higher)
- Obtain residency- If not already working with someone, consider calling Hand in Hand Immigration Services, 509-888-4833
Step 2: Sign an Intent to Purchase and Complete Qualifiers
- CVHT checks that pre-qualification letter is in hand, and eligibility is documented
- Sign an Intent to Purchase Agreement and Pay $100.00 Non-refundable Commitment Fee here.
- Once Commitment Feed is paid, and Intent to Purchase is signed, you may reserve your home.
- Become a voting member of CVHT ($25.00, then free annually with lease) pay for your membership and register here. Homeowners are encouraged to be volunteers, Board members, and active members of CVHT.
- Attend a CVHT Board, neighborhood, or other meeting/event. Meeting schedule here.
- Take a first time home buyer course by WSFHC. Online and in person courses listed here.
- Review the CCRs and Ground Lease with an attorney. A local attorney has offered to do this for CVHT buyers, free of charge.
- Once the above are complete, your application and file will be reviewed and approved by CVHT Board of Directors to ensure we’re furthering purposes of attainable housing.
- Complete (with CVHT help) and submit a DOR Tax Waiver form to apply for continued property tax exemption (below 80% AMI earners)
Step 3: Sign a PSA and Open Escrow
- We are fortunate! A handful of local brokers from Coldwell Banker and Windermere have graciously offered to help our buyers with the purchase process. CVHT staff will help you set up an appointment one of them to sign a Purchase and Sale Agreement, and additional forms (Memo of Lease, CVHT Addendum etc.)
- Choose a title company and open escrow account with $500.00 (goes toward your home purchase)
- Order a home insurance binder. CVHT can help you find a local insurer if you don’t already have one.
- Obtain commitment letter from lender
- Order home inspection (not for new construction)
- Fill and sign DOR form to continue property tax exemption for attainable homeownership purpose. In order to ensure this is submitted correctly, CVHT will want to review and compare to your file.
- Fill out our homebuyer survey, we want to share your experience (can be anonymous) with our donors!
Step 5: Closing Day!
Steps for closing:
- CVHT or chosen representatives meet with clients to sign final documents and close.
- New Home Purchase Checklist given to client to take action on immediate homeowner items.
Estimated closing costs per lending product: $2,930 or less. In some instances buyers pay as little as $700.00 at at closing. Please let us know if you think that closing costs are a barrier to home ownership, we will help in any way we can.
Fee Schedule here. Let us know if you think closing costs are a barrier to owning a home.
Complete Homeowner Checklist here with contacts, tips and resources.
Additional Notes on Purchasing a Home with CVHT:
- CVHT does not discriminate based on race, color, national origin, sex, religion, familial status, or disability.
- Purchasing a Community Land Trust is much like purchasing a home in the market. In fact we help you get ready and help you find resources to get through the process! The Ground Lease and Ground Rent are the largest differences, which are simply in place to maintain home ownership opportunities for future generations like you!
- These homes are built by local community members to support local wage earners in a valley where the average sales price of homes is more than double what average earners can afford. Know that purchasing a home with CVHT is to protect the fabric of our local communities by keeping folks like YOU in it!