1. Learn
    • What is unique about buying a MCLT home? 
      • MCLT partners with homebuyers to purchase a quality home. MCLT brings funding to help reduce the price to one that is affordable to our buyers. In exchange for this lower price, MCLT buyers pay it forward and agree to limit the price at which they can sell their home in the future. This means that MCLT homes remain affordable buyer after buyer.  
    • Attend orientation
      • To learn more about how to buy an MCLT home, attend one of our upcoming orientations. Contact Lamont Davis, Executive Director at [email protected] to arrange an orientation session. [future: link to calendar app with dates/locations]. Orientations are an important step to learn how it works and to help you decide if MCLT homeownership is right for you. 
    • Self-assess
      • Determine eligibility – In order to be eligible to buy a MCLT home, you must:
        • Have a household income of less than 80% of Area Median Income (AMI) :
          • 1 Person / $52,850
          • 2 Persons / $60,400
          • 3 Persons / $67,950
          • 4 Persons / $75,500
    • Not currently own a home. 
    • Be able to secure a fixed rate, 30-year mortgage from a MCLT lending partner to purchase your home. Your monthly housing costs may not exceed one- third of your gross monthly income. 
    • Have at least $1,000 to put towards closing costs or down payment. 
    • Be willing to submit all the required documentation to verify your eligibility. 
  1. Apply
    • Collect info – In order to successfully complete the online application, it is important to assemble your required documentation BEFORE you begin your application. Click here for the required documents. Information includes
      • Gross annual income for all adult household members. 
      • Demographic information for all household members. 
      • Credit score for applicants and co-applicants who will own the home.  Our lenders will require a minimum credit score of 620, or an alternative credit history from at least 3 sources that are monthly(utility bills, rent payments, insurance, credit cards, etc.)f or those without a credit history. 
      • Asset and banking information.
      • Monthly debt payment information.
    • Apply now – https://www.tfaforms.com/4992913
  • Submit supporting documents (in person to Lamont Davis or email to him, [email protected]) these include:
    • Signed or IRS verified federal income tax returns, including associated W-2 Forms, from the previous two years for all household members who filed tax returns.
    • Wages and salaries (Note: gross income is used to calculate all wage and salary income):
      • W-2s for the previous two years for all employed adult household members.
      • Pay Stubs for all employed adult household members (for the three most recent, consecutive pay periods).
    • 3rd party verification of income may be used in lieu of, or in addition to, pay stubs if income is seasonal or inconsistent throughout the year.
    • Self-employment income (Note: net business income is used to calculate all self-employment income:)
      • Signed or IRS verified federal tax returns including the Schedule C from the previous three years for all self-employed household members.
      • Year-to-date income and expense reports for self-employment
      • Retirement and disability income:
        • Assistance Award Letters. The household member will need to submit the most current statements from the Social Security Administration or General Assistance as to monthly/yearly income
        • Retirement/Pension Award Letters. The household member will need to submit the most current statements from the agency providing the retirement or pension assistance as to monthly/yearly income
      • Child support/alimony:
        • Parenting plan documenting child support amount. Documentation of monthly receipt of child support for the past 12 months. If support is awarded and not received, it will not be counted as income.
      • Other government assistance:
        • Assistance Award Letters. The household member will need to submit the most current statements from the agency providing the assistance as to monthly/yearly income.

3. Qualify – once you complete your online application and submit your supporting documentation, there are a few more steps you must complete to confirm your eligibility and pre-qualify to purchase a home. 

  • Meet 1-1 w/ MCLT staff – Contact Lamont Davis, [email protected], to set a meeting to review your application and determine your eligibility. During the meeting you’ll also learn more about how MCLT works. 
  • Complete a HUD approved homebuyer education course – before you purchase your home, you must complete an approved homebuyer education course. Check out counseling agency providers below:

 4. Find Your Home 

  • Tour – take a look at the MCLT homes for sale. 
  • Enter lottery – once you find a home you are interested in purchasing, confirm your entry into the lottery to purchase that particular home. MCLT staff will offer homes in the order dictated by the lottery.  
  • Decide if right for you – If you are selected by the lottery to purchase a home, meet with MCLT staff again to confirm the price, update any necessary information, review costs and learn about the next steps in the process. 

5. Buy

  • Submit offer to purchase – work with the realtor to submit an offer to purchase your MCLT home. 
  • Secure mortgage financing – not all lenders will provide financing on CLT homes, so you must work with an approved lending partner. Once you are pre-approved, MCLT will work with you to confirm your payments meet the funder’s guidelines and are affordable to you. 
  • Close – attend closing, sign lots of papers and move into your MCLT home! 

6. Move in

  • Connect with community – when you buy your MCLT home, you will join a community of homeowners and local residents who support what we do. As an MCLT homeowner you will be a member of MCLT for as long as you own your home. We encourage to stay active in helping us guide and grow the organization –as a homeowner partner you are the driving force behind MCLT’s mission!
  • Stay in touch with MCLT – in addition to membership, MCLT will remain a resource to you as a homeowner. You are ultimately responsible for your home, but MCLT is there every step of the way to help you remain successful.