Homebuyer Eligibility

Income includes all sources of income including  wages, overtime, tips, interest and dividends, social security, annuities, pensions, unemployment, disability and severance compensation, alimony and child support  and forms of public assistance.

In addition to income eligibility, the Land Trust has established preferences to sell their homes to buyers who can answer yes to the following questions: (Note:  a household does not need to meet all these conditions, these are preferences only)

• Will the mortgage payment be affordable; is the buyer mortgage-ready?

• Does the buyer understand and support the philosophy of the Albany Community Land Trust?

SEFCU provides mortgage financing to Land Trust Homebuyers. To qualify for a  mortgage loan, SEFCU looks for:

• credit (the homebuyer  needs established credit or a non-traditional credit history on at least 4 open trade accounts.=, no incidents of major derogatory credit and only isolated incidents of late payments in the last 24 months.)

• down payment ( a minimum of 1% of the homebuyers own funds is required.)

• employment history (24 months of verified employment in the same or related field.)

If you are unsure about your ability to apply for a mortgage loan, you may meet with a counselor from  Affordable Housing Partnership (434-1730), to clear up any questions you may have.