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Sheridan County Housing Land Trust (SCHLT) Homeownership Program

Habitat for Humanity of the Eastern Bighorns (operating the Sheridan County Housing Land Trust) · Sheridan, Wyoming

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Repayment

Shared appreciation

Settled on the terms set by Habitat for Humanity of the Eastern Bighorns (operating the Sheridan County Housing Land Trust)

What is Sheridan County Housing Land Trust (SCHLT) Homeownership Program?

Sheridan County Housing Land Trust (SCHLT) Homeownership Program is a shared-appreciation loan for homebuyers in Sheridan, Wyoming, administered by Habitat for Humanity of the Eastern Bighorns (operating the Sheridan County Housing Land Trust).

  • The Sheridan County Housing Land Trust, operated under Habitat for Humanity of the Eastern Bighorns and funded with City/County ARPA dollars, sells below-market homes to income-eligible households who own the home and lease the land held in trust. Buyers must earn between 60% and 120% of Sheridan County AMI, have liquid assets at or below the 4-person median income limit ($108,000 in 2025), and contribute $1,500 toward down payment and closing costs. At resale the home price is restricted to preserve affordability, with the owner keeping principal-paydown equity plus 2% simple annual appreciation and approved improvement credits.
  • Below-market purchase price.
  • Build equity through 2% annual appreciation plus mortgage paydown.
  • Low $1,500 down payment requirement.
  • Entry point to ownership for local workforce.
  • Lenders familiar with the model.
  • Funding comes from City of Sheridan and Sheridan County ARPA funds ($3 million allocated); donated homes.

Do you have to pay it back?

Sheridan County Housing Land Trust (SCHLT) Homeownership Program is a shared-appreciation loan and is repaid under the terms set by Habitat for Humanity of the Eastern Bighorns (operating the Sheridan County Housing Land Trust).

  • Repayment is triggered by Resale of home; resale price restricted to original purchase price plus 2% simple interest per year of ownership plus approved capital improvement credits.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Sheridan County Housing Land Trust (SCHLT) Homeownership Program is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: Must obtain mortgage prequalification from a lender; no published minimum credit score
  • A completed homebuyer education course, through Fannie Mae Homebuyer course; SCHLT homebuyer education class
  • Residency: Open to those working/living in Sheridan or Johnson counties; remote workers welcome
  • Citizenship or immigration status: Must be a U.S. citizen and 18 years or older
  • DRAFT (dpa-gap-finder 2026-06-13): pending review. Land-lease fees apply ($50/month lease + $20/month reserve); must occupy as primary residence at least 10 months/year; no subletting or short-term rentals without board exception; no co-signers; cannot already own real estate at purchase; points-based ranked selection. Gaps: exact credit score minimum, DTI, mortgage term, and AMI dollar figures by household size not published.

The program excludes

  • Manufactured homes

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Sheridan County Housing Land Trust (SCHLT) Homeownership Program sets its income limit as follows: Household gross annual income must fall between 60% and 120% of HUD Area Median Income for Sheridan County, WY, based on 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.

What kind of home can it be used for?

Sheridan County Housing Land Trust (SCHLT) Homeownership Program caps the purchase price as follows: Homes priced significantly below market for income-eligible households.

  • Eligible property types include Single Family.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Where does it apply?

Sheridan County Housing Land Trust (SCHLT) Homeownership Program serves buyers purchasing in Sheridan, Wyoming.

How do you apply?

Applications for Sheridan County Housing Land Trust (SCHLT) Homeownership Program go through Habitat for Humanity of the Eastern Bighorns (operating the Sheridan County Housing Land Trust), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through Fannie Mae Homebuyer course; SCHLT homebuyer education class.

  2. Contact Habitat for Humanity of the Eastern Bighorns (operating the Sheridan County Housing Land Trust) to reserve funds

    Funds are reserved through Points-based ranked applicant pool; highest-ranking applicants offered homes as they become available, and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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