LENDER INFORMATION
Finding a Lendor
Buyers/Realtor: This page is for your lender. Please direct the lender to this page.
HRHT uses different sources of construction funding: The funding source may bring specific rules to the transaction. Please contact HRHT regarding rules that apply to both lender and borrower for a specific property.
In all cases, the home is being sold using the Community Land Trust model, where HRHT retains the land and leases it to the homebuyer. HRHT will accept the Fannie Mae Community Land Trust Ground Lease Rider.
| Bank | Has been an HRHT/CLT lender | Is a regional CLT lender | Has IHFA/HOME qualifications |
|---|---|---|---|
| Banner Bank | X | X | X |
| Guild Mortgage | X | ||
| CMG Home Loans | X | X | X |
| ICCU | X | ||
| Umpqua Bank | X | ||
| Washington Federal | X | ||
| Wells Fargo | X |
HRHT is happy to speak with lenders to help them understand CLT lending.
Buyers may choose from standard lending programs (FHA, VA, Conventional, USDA-RD) offered by their Lender.
Buyer/Realtor/Lender:
In addition to the required Finally HOME homebuyer class, buyers need 2 hours of 1-1 HUD-certified financial counseling, provided locally by IHFA in Lewiston.
Lender/Realtor
When helping the buyer think about borrowing capacity and pre-approval, these estimates may be helpful:
Expenses (estimated)
Taxes: Tax Assessment will be based on sale price of the improvements only, less homeowner exemption
Insurance: $50/mo
PMI: $0 – The Loan to Appraised fee-simple fair market value should turn out to be 80% or better — the subsidy held by the CLT serves as part of the down payment
Ground Lease: $75/mo (Payable to HRHT for lease of land where home sits)
As soon as your buyer has a signed P/S contract, please contact MAHT regarding our construction loan and its associated requirements. IHFA must approve buyer’s qualifications if our contruction loan uses funds from the HOME program.
Lender
Click here for guidance from Fannie Mae that may be helpful to the appraiser, especially if they are new to thinking about Community Land Trust appraising.