Because a Community Land Trust (CLT) mortgage is different from a traditional mortgage, we require program applicants to work with one of our partner lenders listed below. These lenders are experienced in CLT mortgages, the First Homes program guidelines, and downpayment assistance options.
Lenders will help you become pre-approved for a mortgage, putting you in an advantageous position when looking for homes. They can also offer coaching to help you become a better mortgage candidate.
Contact one of the lenders below to start your pre-approval process today!
Downpayments and closing costs can serve as a significant barrier to homeownership. To bridge the gap, First Homes offers gap loans up to $10,000 for new construction properties and $5,000 for existing properties to income-qualified applicants purchasing Community Land Trust (CLT) homes.
Before submitting an application, please review our current gap loan eligibility guidelines.
New Construction CLT Gap Loans- Gap Loans of up to $10,000 are available to income-qualified, first-time buyers of new construction CLT homes through the First Homes program. Loans are charged at 0% interest and must be paid back after 30 years, upon refinancing, or upon sale of the home, whichever occurs first.
Existing Homes CLT Gap Loans- Gap Loans of up to $5,000 are available to income-qualified, first-time buyers of existing CLT homes through the First Homes program. Loans are charged at 0% interest and must be paid back after 30 years, upon refinancing, or upon sale of the home, whichever occurs first.
Who Qualifies for Gap Loans?- Gap Loans are available to first-time homebuyers who income qualify at or below 80% area median income (AMI). This changes yearly based on the Housing and Urban Development Department. Click here to view the latest income guidelines. Gap Loans are only available to those purchasing a First Homes property.
Information for Lenders- To request a gap loan for your client, complete the ‘Gap Loan Application’ and submit it to First Homes’ Program Associate at emily@rochesterarea.org. Please also direct any questions about the application to our Program Associate.
Because First Homes has equity in the homes in our program, refinancing is only allowed under certain circumstances and permission from First Homes is required for refinancing or other subsequent mortgages.
The homeowner must inform First Homes, in writing, of the proposed terms and conditions of such mortgage loan at least 30 business days prior to the expected closing of the loan. Submit your request to our Program Associate at emily@rochesterarea.org.
The information to be provided must include:
