Are you ready to own your own home in the Chelan Valley? Thanks to many local community members, businesses, and donors that dream is now a possibility for a local like you!!
Current available homes are 5 townhomes at the corner of North Emerson Street and East Chelan Avenue in Chelan. These 1179 square foot townhomes will be two-story, 2 bedrooms, 1.5 baths and built with quality in mind, for only $200,000. The townhomes are available to locals who earn at or below $82,000. Income limits depend on your household size, take the eligibility quiz to find out if you’re eligible.
If you are eligible, want a home in downtown Chelan, and are ready to apply, follow the steps below!!
(Above: Emerson Village Townhomes Imagery from corner of Emerson and Chelan)
FOLLOW THESE STEPS TO PURCHASE A HOME:
Step 1: Eligibility and Application
- Take an eligibility quiz here.
- Apply online here.
- If eligible, CVHT will ask for a meeting and some documentation.
- Prior to the meeting: Send requested documents, pay $30 fee (link to pay sent prior to meeting)
Step 2: Pre-Qualification Meeting
- At the meeting, you and CVHT will:
- Verify your eligibility
- Review available homes, desired home type, Ground Lease basics, and the basic property covenants.
- Develop a “Pre-qualification” action plan, which typically includes:
- Increase income
- Decrease expenses/debt
- Work on credit (640 or higher is typically the goal)
- Explore approved lenders and products.
- Meet with a lender to get pre-qualified (required before next step) and obtain a pre-qualification letter.
- CVHT will continue to check on your progress as you work through these steps.
- Once action plan is complete and pre-qualification is in hand, you will request another meeting with CVHT
Step 3: Intent to Purchase Meeting
- At this meeting, you and CVHT will:
- Confirm Pre-qualification actions are complete
- Confirm desired home, and understanding of Ground Lease, and CCRs.
- Sign an Intent to Purchase and pay $100.00 Fee to secure home.
- CVHT provides a “Qualification Action Plan”, which typically includes:
- Becoming a voting member of CVHT ($25.00 after 2020)
- Attending CVHT Board, neighborhood, or other meeting/event
- Taking a first time home buyer course by WSFHC
- Reviewing Ground Lease PowerPoint (detailed Ground Lease overview)
- Once the Qualification Action Plan is complete, you will ask to schedule your 3rd meeting.
- At this time your Eligibility and Qualification will be confirmed by the CVHT Board of Directors
Step 4: Qualified Purchasing Meeting
- At this meeting you and CVHT will:
- Confirm Qualification Action Plan is completed.
- Confirm Eligibility information has not changed.
- Select Home/Parcel for purchase
- Schedule an appointment with qualified realtors to sign a Purchase and Sale Agreement and open an escrow account with $500.00
- Develop a “Closing Day” action plan, which typically includes:
- Review the Ground Lease with attorney and sign Ground Lease Acknowledgements
- Sign Memo of Ground Lease
- Shop for Homeowners Insurance
- Order Inspection and ask for necessary repairs
- Obtain Commitment letter from lender for Loan amount
Step 5: Closing Day!
- 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.
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.
- 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!