Many mortgage lenders across Story County are familiar with the SCCHC and the land trust model we use to assist families with home purchases. There are two ways you can access our help in purchasing your home.
1) If you have already begun the home buying process with a local lender, we may be able to help you.
If you have started the loan approval process with a local lender and find that you need a larger downpayment, for instance, the SCCHC may be able to assist you by reducing the loan amount you need to purchase your property. With the land-trust model, you purchase just the home portion of the property and the SCCHC purchases and holds in trust, the land portion. With the reduced loan amount, your current downpayment may be just the right percentage of the loan amount to move forward with your purchase.
Just let the lender know you would like to purchase your home in partnership with us. With your approval, we will review your loan documents to see if we can make the land-trust home ownership model work for you.
For home ownership, the SCCHC has a two-part application process; a one-page initial application, and a more extensive final application.
Initial Application: This short and easy indication for consideration from you is our way of determining if you should continue in our process. Without requiring any supporting documents the information you provide helps us review your initial potential to be a land trust buyer.
Final Application: Upon positive initial consideration you are contacted and encouraged to provide a final application. (This will include the documents you previously provided to an area lender.) Upon receipt, an SCCHC residence committee will review with the goal of issuing a “letter of participation pre-approval”. Information you will need to provide includes:
- Income verifications including 2 most recent years’ tax returns, current pay stubs for all income.
- Current savings and checking account statements.
- Copies of debt obligations (installment debt, court decrees, etc.)
To rent one of our units, please use the Rental Application form.
Applicant Responsibilities To Own
As you move from the steps of applicant to “candidate” – an approved applicant for our program – you will be asked to accomplish specific actions and activities. Among these are the following:
- The land lease review: An independent attorney must review with you the provisions and scope of our land lease. It is a legal and publicly recorded document which binds you to certain conditions and promises. You will need to understand what these are.
- Home ownership class: You are embarking upon one of the most important decisions of your life with the purchase of a home. This class is offered by numerous partner agencies on an almost continuous basis and reviews such items as budgeting for maintenance, taxes and insurance, preventative upkeep, and other items. SCCHC staff can direct you toward these offerings at applicable times.
- Candidate interview: In becoming a “candidate” you will be asked for a brief interview with members of the SCCHC Board of Directors. This is not a “Yes – No” meeting. Rather, it provides us an opportunity to answer your questions, introduce ourselves as the potential holder of your lot, and helps you understand our mission and your responsibilities.
The SCCHC works with many affordable housing advocates and providers to help you with your home market evaluation and purchase. Only some of these are listed as follows. (This is not an endorsement of any but simply a place to start research.)