Home Buyers Application Process

1. ELIGIBILITY
   If you are eligible to purchase a San Juan Community Home Trust home (see eligibility requirement), or have a realistic plan for becoming eligible, you’re ready to complete the criteria listed below in order to qualify.  If you currently do not qualify because of debt or some other issue, you may submit with your application a plan for reducing your debt or resolving the issue.   The Home Trust representative will review your plan, and, if it appears feasible, will incorporate your plan into your Commitment Agreement with the Home Trust.   As long as you meet the goals established in your commitment agreement, you will remain on the waiting list. 
2. PRE-QUALIFICATION
   1. Preliminary Interview with San Juan Community Home Trust:  Meet with a representative of the Home Trust for an interview.  The representative will introduce you to Home Trust’s mission and the community land trust model of home ownership. We will also review your financial information and the qualification process. This is also the time to take a look at your mortgage readiness and answer any questions you may have.  
   2. Complete an Application and submit it to the Home Trust:. You must submit a complete application. We can help and no application fee is due at this time. 
   3. Obtain a Credit Report:  You  must obtain a credit report including your FICO score. You can provide your own current three-in-one credit report or we can help you obtain one for a minimal fee. We’ll then meet to review your report and discuss any credit issues you need to resolve in order to join our waiting list.  
   4. Orientation Session:  Attend an orientation meeting and/or watch the orientation video.  Orientation sessions introduce you to more of the nuts and bolts of living in a land trust community.  Each homeowner is restricted in their use of the land by the ground lease agreement, and each community is guided by "Conditions, Covenants and Restrictions" (CC&Rs). We’ll talk about these aspects and discuss any questions you have.
   5. Review a copy of sample CC&Rs:  Each community land trust neighborhood is unique.  Consequently, it is the residents themselves who decide what rules and restrictions will guide their neighborhood.  It is therefore important to take some time to review the CC&Rs to get an idea of what your neighborhood will feel like.
   6. Provide any additional application information & join the Home Trust:  If you want to be on our waiting list, it is time to make sure your application is complete, pay your $30 application fee and join the Home Trust ($25).  Once you qualify, you must maintain your membership to keep your position on the waiting list.
   7. Attend Neighborhood Meetings:  You are required to attend at least two neighborhood meetings of either a current neighborhood or a neighborhood in development which meet to discuss such issues as planning the CC&Rs.
   8. Complete the Washington State Housing Finance Commission Homebuyer Education Seminar
3. COMMITMENT AGREEMENT
   If you qualify to apply for a San Juan Community Home Trust home, the next step to homeownership is to complete a Commitment Agreement with the Home Trust.  The Commitment Agreement defines the actions you agree to take in order to remain on the waiting list, and the actions that the Home Trust agrees to take in order to provide you with a home to purchase.  If you fail to meet the commitments defined, you will lose your place on the waiting list.  
4. MORTGAGE APPLICATION
   If you meet all the conditions of your Commitment Agreement and have signed a purchase agreement, you will submit a mortgage application to a private lender and USDA Rural Development.  They will request more detailed information such as employment verification and a more thorough credit report, and they will make the final determination about your financial qualification.  If they determine that you are ineligible, your commitment fee paid to the Home Trust will be refunded.