Steps to Purchase Your Home

Steps to Buy A Home From WCLT

Step 1: Make sure you meet the income guidelines. WCLT sells their homes to individuals and families that make 80% or less of the Area Medium Income and with a credit record acceptable to a bank. You can find the yearly income levels listed on HUD’s website (below link) or Maine Housing Authority’s website. Or write watervilleclt@gmail.com

Step 2: Call your realtor to show you the home. If you do not have one, write us at watervilleclt@gmail.com. 

Step 3: Income requirements, estimated cost of owning the home, application and selection criterial documents are available at the home and online.  Our website also has a good information package on CLT homes. Contact us for any questions and to let us know you are applying. This might be a good time to sign up for KVCAP’s homeowner’s course. 

Please print the application, fill it out, and send to our PO Box 1834 Waterville, ME 04903 (The application can take time to fill out so you might want to receive a preapproval letter first, if you have any concerns about your ability to receive a mortgage.) 

Step 4: Once WCLT receives your application you will hear from the committee within 10 business days. The committee decides if you meet all criteria. If there are multiple applications, your application will be ranked based on our secondary selection criteria. A WCLT director will call/write you to make an appointment to meet with you to discuss your application and to answer any questions you may have about community land trusts. 

Step 5: After the meeting you will notify your realtor and seek preapproval from a bank  (if you didn’t earlier) that lends for CLT Homes.  In our area New Dimensions and Residential Mortgage Services lend to CLT homes.

WLCT will pay for any closing costs over $1000 (we require that you pay $1000 of the closing costs), but only what is allowed by the lender.

Step 6:  Once the preapproval letter is received, you submit a Purchase and Sales (P&S) agreement through your Realtor.  If WCLT signs the P&S, then your Realtor will guide you through the purchase process to closing. 

Step 7:  The lender will conduct an appraisal and a title search to protect their investment and ensure a clean title.

Step 8: Once all documents are ready, the closing is arranged. The above is a typical process. There will always be exceptions and deviations.

WCLT aims to sell our homes to individuals and families making 80% or less of Area Medium Income (AMI) for Waterville (Kennebec County).  

You will find this very helpful to understand community land trusts.

This is a large document.  You and your bank will want to understand it thoroughly. Please write watervilleclt@gmail.org to ask us any questions