5156 Ella Circle
GFCLT Sales Price: $250,000
+ up to $65,000 in downpayment assistance subsidy for buyers under 80% area median income
We encourage any households that are pre-qualified for a mortgage of $170k or more to apply.
Market-rate leasehold value of this home is approximately $280,000
3 Beds + Egress window in Basement
3 Bathrooms (One Full, One 3/4, One 1/2)
Spacious Kitchen
Attached 2-Stall Garage
HUGE yard with fence and mature trees
Located just a few minutes away from UND, REA, and the Alerus Center
5156 Ella Circle is available to households earning under 120% area median income, with additional downpayment assistance subsidy available to households under the 80% area median income level.
GFCLT will be launching the full application round for this home on Friday, May 2. Submit a Pre-Application to receive the Full Application.
As a 501(c)3 nonprofit, GFCLT is committed to making homeownership affordable. Ideal applicants will have a front-end debt to income ratio of approximately 25% and a back-end DTI below 40%. GFCLT may grant exceptions on a case-by-case basis up to a maximum back-end ratio of 43%.
Subsidy amount for households earning under 80% AMI will be determined based on the gap between the household’s mortgage affordability and the total sales price. For example, if an eligible household can afford a $190,000 mortgage at DTI ratios of 25% and 40%, they would qualify for $60,000 in downpayment assistance subsidy, totaling the $250,000 sales price.
GFCLT enters into purchase agreements on a “first-ready, first-served” basis. A household will be determined ready when they are deemed eligible by GFCLT and have proven pre-qualification for an adequate mortgage through a participating lender. GFCLT will consider selling below the full GFCLT sales price under certain circumstances. Those who qualify within 20% of the GFCLT sales price are encouraged to submit full applications.
Working with a Realtor? GFCLT will pay 3% commission to the Buyer’s representative based on sales price.
How does GFCLT and our subsidy work?
GFCLT makes our homes affordable through a shared-equity resale formula. GFCLT homeowners purchase the home’s structure and improvements to the property, while the CLT retains ownership of the land. CLT homeowners agree to share appreciation with the CLT when they sell in the future, allowing GFCLT to keep our homes affordable from one homeowner to the next. GFCLT homeowners receive approximately 25% of their home's appreciation at resale, plus all of the mortgage principal they’ve paid down during ownership.
GFCLT homes are made affordable thanks to support from the US Department of HUD and the State of North Dakota, via the North Dakota Housing Finance Agency. Market-rate leasehold value of this home is approximately $280,000.
3 Bathrooms (One Full, One 3/4, One 1/2)
Spacious Kitchen
Attached 2-Stall Garage
HUGE yard with fence and mature trees
Located just a few minutes away from UND, REA, and the Alerus Center
5156 Ella Circle is available to households earning under 120% area median income, with additional downpayment assistance subsidy available to households under the 80% area median income level.
GFCLT will be launching the full application round for this home on Friday, May 2. Submit a Pre-Application to receive the Full Application.
As a 501(c)3 nonprofit, GFCLT is committed to making homeownership affordable. Ideal applicants will have a front-end debt to income ratio of approximately 25% and a back-end DTI below 40%. GFCLT may grant exceptions on a case-by-case basis up to a maximum back-end ratio of 43%.
Subsidy amount for households earning under 80% AMI will be determined based on the gap between the household’s mortgage affordability and the total sales price. For example, if an eligible household can afford a $190,000 mortgage at DTI ratios of 25% and 40%, they would qualify for $60,000 in downpayment assistance subsidy, totaling the $250,000 sales price.
GFCLT enters into purchase agreements on a “first-ready, first-served” basis. A household will be determined ready when they are deemed eligible by GFCLT and have proven pre-qualification for an adequate mortgage through a participating lender. GFCLT will consider selling below the full GFCLT sales price under certain circumstances. Those who qualify within 20% of the GFCLT sales price are encouraged to submit full applications.
Working with a Realtor? GFCLT will pay 3% commission to the Buyer’s representative based on sales price.
How does GFCLT and our subsidy work?
GFCLT makes our homes affordable through a shared-equity resale formula. GFCLT homeowners purchase the home’s structure and improvements to the property, while the CLT retains ownership of the land. CLT homeowners agree to share appreciation with the CLT when they sell in the future, allowing GFCLT to keep our homes affordable from one homeowner to the next. GFCLT homeowners receive approximately 25% of their home's appreciation at resale, plus all of the mortgage principal they’ve paid down during ownership.
GFCLT homes are made affordable thanks to support from the US Department of HUD and the State of North Dakota, via the North Dakota Housing Finance Agency. Market-rate leasehold value of this home is approximately $280,000.
If you are having trouble with the Pre-Application, please e-mail [email protected] or call (218) 791-4668 and we will provide an alternative option.
Full Applications will be reviewed in the order that they are received. GFCLT will then respond with a list of verification materials needed to complete the eligibility process. GFCLT will enter into a purchase agreement on a "first ready, first served" basis with the first household that is determined eligible for GFCLT programming AND is eligible for adequate financing through a CLT-participating lender.
