Because a Community Land Trust (CLT) mortgage is different from a traditional mortgage, we require program applicants to work with one of our partner lenders listed below. These lenders are experienced in CLT mortgages, the First Homes program guidelines, and downpayment assistance options.
Lenders will help you become pre-approved for a mortgage, putting you in an advantageous position when looking for homes. They can also offer coaching to help you become a better mortgage candidate.
Contact one of the lenders below to start your pre-approval process today!
Downpayments and closing costs can serve as a significant barrier to homeownership. To bridge the gap, First Homes offers gap loans up to $12,000 to income-qualified applicants purchasing market-rate homes and Community Land Trust (CLT) homes.
CLT Gap Loans- Gap Loans of up to $12,000 are available to income-qualified buyers of CLT homes through the First Homes program. Loans are charged at 0% interest and must be paid back after 30 years, upon refinancing, or upon sale of the home, whichever occurs first.
Market-Rate Gap Loans- Gap Loans of up to $12,000 are available to income-qualified buyers of market-rate homes in our service area. Loans are charged at 2% interest over 10 years and must be paid back after 10 years, upon refinancing, or upon sale of the home, whichever occurs first.
Who Qualifies for Gap Loans?- First Homes serves homebuyers at or below 80% area median income (AMI) This changes yearly based on the Housing and Urban Development Department. Click here to view the latest income guidelines.
Information for Lenders- To request a gap loan for your client, complete the ‘Gap Loan Application’ and submit it to First Homes’ Program Associate at emily@rochesterarea.org. Please also direct any questions about the application to our Program Associate.
