Eligibility for MACLT Programming
Minot Area Community Land Trust homes are available to any resident or intended resident of Ward County who meets the income limit, has sufficient credit to obtain a mortgage through a MACLT-participating lender, and plans to utilize their MACLT home as a primary residence. When subsidy sources from HUD, the State of North Dakota, or other resources are utilized to make homes affordable, additional eligibility requirements are likely to apply.
Selection Criteria for MACLT Homes
MACLT enters into purchase agreements on a “first-ready, first-served” basis. Your household will be considered “ready” once the following steps have been completed:
end (all minimum debt payments)
Additional MACLT Assistance
We encourage prospects who have pre-qualified for mortgage amounts over $120,000 to submit an MACLT application. Though we cannot guarantee additional subsidy will be available, MACLT will work with applicants to see if we can make this home purchase or a future purchase through MACLT possible for your household.
MACLT Participating-Lenders
First International Bank & Trust (Jessica Erdmann) and Gate City Bank are currently MACLT-participating lenders. If you have been pre-approved through another lender, we are happy to speak to them about becoming a MACLT-participating lender. Generally, that process will take longer than a typical approval process, so it is likely you will need to switch to a currently participating lender for the purchase of a currently available home.
Interested in becoming a MACLT-participating lender? Contact Emily at [email protected] for more information.
Minot Area Community Land Trust homes are available to any resident or intended resident of Ward County who meets the income limit, has sufficient credit to obtain a mortgage through a MACLT-participating lender, and plans to utilize their MACLT home as a primary residence. When subsidy sources from HUD, the State of North Dakota, or other resources are utilized to make homes affordable, additional eligibility requirements are likely to apply.
Selection Criteria for MACLT Homes
MACLT enters into purchase agreements on a “first-ready, first-served” basis. Your household will be considered “ready” once the following steps have been completed:
- MACLT Application has been completed & submitted via minotclt.org/apply
- Pre-Qualification letter has been provided by a MACLT-participating lender
end (all minimum debt payments)
- Buyer(s) have participated in MACLT orientation session & agree to understanding the uniqueness of a MACLT purchase
- Buyer(s) must meet MACLT income limits as well as income limits for any subsidy resources utilized (see graphic below)
- Buyer(s) have signed up for online Homebuyer Education and agree to provide certificate of completion within 2 weeks of signed purchase agreement
- Buyer(s) have $500 Earnest Money available to enter into a Purchase Agreement
- Buyer(s) must have sufficient accessible assets (checking or savings accounts) to cover at least 2 monthly payments at the time of closing. Example: If mortgage payment is $1,500, household must have at least $3,000 in checking/savings accounts
Additional MACLT Assistance
We encourage prospects who have pre-qualified for mortgage amounts over $120,000 to submit an MACLT application. Though we cannot guarantee additional subsidy will be available, MACLT will work with applicants to see if we can make this home purchase or a future purchase through MACLT possible for your household.
MACLT Participating-Lenders
First International Bank & Trust (Jessica Erdmann) and Gate City Bank are currently MACLT-participating lenders. If you have been pre-approved through another lender, we are happy to speak to them about becoming a MACLT-participating lender. Generally, that process will take longer than a typical approval process, so it is likely you will need to switch to a currently participating lender for the purchase of a currently available home.
Interested in becoming a MACLT-participating lender? Contact Emily at [email protected] for more information.
*Additional criteria may be established by the Minot Area CLT Board of Directors.