Home Buyer Opportunities
Unique Characteristics of
CLT Homeownership
Purchasing through a CLT provides the extra guidance and
financial assistance families need when they are first buying, and allows families
to give back when they are ready to move on to a market-rate purchase.
Buying through GFCLT:
- Requires a low minimum down payment, and pairs well with the down payment and closing cost assistance portion of the City’s American Dream program.
- Provides a significantly lower purchase price for families through retention of the land on which their home sits and additional subsidy as needed.
- Retains the affordability of homes in the community through homeowners’ commitment not to make substantial improvements to their home and sell through a shared-equity resale formula.
Steps to Get Started:
- Contact GFCLT staff at 701.795.6307 to learn more about the program
- Complete a GFCLT pre-application
- Meet with a local lender to determine your pre-qualification for a mortgage
- To date, GFCLT has worked with Bremer Bank and Gate City. If you are interested in working with another lender, please have them contact GFCLT prior to your meeting to get a better understanding of CLT lending.
- Attend the Village Homebuyer Education Program for FREE. Contact them for next available courses by calling 701-235-3328 or 1-800-450-4019 to register today!
- Wait to hear from GFCLT when a home that suits your family’s needs becomes available. Keep up to date on our portfolio as we grow.
