Northwest Montana Community Land Trust Affordable Homeownership

Northwest Montana Community Land Trust Affordable Homeownership is a shared-appreciation loan for homebuyers in Kalispell, Montana, administered by Northwest Montana Community Land Trust, Inc. (NWMTCLT). Community Land Trust model: NWMTCLT retains ownership of land via ground lease while homebuyer owns the structure. Homes are priced significantly below market value to serve households earning up to 140% AMI. Low/no down payment, no PMI, fixed-rate financing. Upon resale, home must be sold to another income-qualified buyer at affordable price. Prices significantly below market. Low/no down payment. No private mortgage insurance. Perpetual affordability. Build equity in structure. Funding comes from Private donations; local foundations; FHLB Des Moines; Whitefish Community Foundation; NeighborWorks Montana line of credit.

Northwest Montana Community Land Trust Affordable Homeownership is a shared-appreciation loan and is repaid under the terms set by Northwest Montana Community Land Trust, Inc. (NWMTCLT). Repayment is triggered by Sale of home; resold to another moderate-income buyer at affordable price or back to Land Trust. The assistance is recorded in 1st position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Northwest Montana Community Land Trust Affordable Homeownership is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Generally 640 or higher required to qualify for mortgage. A homebuyer education course is required, through Homebuyer classes required; participating lenders listed on website. Owner must continuously occupy home; home kept in good repair; resale restricted to income-qualified buyer at affordable price; ground lease signed at closing; down payment amounts not published — contact NWMTCLT.

Northwest Montana Community Land Trust Affordable Homeownership limits household income to 140% of the area median income, which varies by county and household size. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Northwest Montana Community Land Trust Affordable Homeownership caps the purchase price as follows: Homes significantly less expensive than market-rate value; CLT keeps land affordable in perpetuity. Eligible property types include Single Family, Townhouse, and Condo. New construction is eligible. Manufactured homes are not eligible.

Northwest Montana Community Land Trust Affordable Homeownership serves homebuyers purchasing in Kalispell, Montana.

Applications for Northwest Montana Community Land Trust Affordable Homeownership go through Northwest Montana Community Land Trust, Inc. (NWMTCLT), which publishes the current terms and the application steps on its own site. Funds are reserved through Contact NWMTCLT; follow newsletter/website for available homes. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.