Steps to Homeownership

Introduction

Our homeownership program is open to individuals, families, seniors — any homebuyer who is income qualified (see below) and wants to live in the greater Charlottesville area. When thinking about your eligibility, you should consider your income and employment, as well as your credit history and savings. These are the factors a lender will consider when you apply for a mortgage. We recognize that homebuyers may be at different stages of the homebuyer process. We can help connect you to other community resources to assist you.

If you want to buy a house with Thomas Jefferson CLT, a homeownership counselor can help you identify how much you can afford and your eligibility. During the final application process, you will meet one on one with a TJCLT staff member to review your specific situation.

Income Qualification

In order to qualify for a TJCLT home, your entire household income must be equal to or less than 80% of the Area Median Income in Charlottesville. The US Department of Housing and Urban Development releases these income limits each year.

For 2019, look at the list below. If you make less than the amount listed for your household size, then you may qualify:

1-person household = $50,050

2-person household = $57,200

3-person household = $64,350

4-person household = $71,500

5-person household = $77,250

6-person household = $82,950

7-person household = $88,700

8-person household = $94,400

Resources

This document will help you define all of the terms associated with a community land trust and orient you to the CLT model.

This sample ground lease details the specifics of the agreement that a CLT homeowner makes with the TCLT. If you have any questions about the TJCLT ground lease, please contact us!

Prospective homeowners will receive a document that summarizes each section of the TJCLT ground lease in plain language that is simple and understandable to all audiences. If you have any questions about the TJCLT ground lease, please contact us!

Steps to Homeownership

We are always working to add to the supply of available Community Land Trust homes in the area. While we may not always have properties currently available, we encourage you to register so that we can contact you when new units come available.

01Check Website

Check the TJCLT website to see if you are income qualified*

02Register

If you qualify, register online here

03Orientation

You will be contacted to schedule and attend an orientation meeting with TJCLT staff to:

Review Ground Lease

Review TJCLT Policies

Set Expectations for TJCLT Homeownership

Receive Piedmont Housing Alliance intake form

04Submit Form

Submit completed intake form to Piedmont Housing Alliance, then schedule and attend housing counseling appointment to:

Complete Financial Assessment

Determine Income Eligibility

Discuss Mortgage Readiness

Register for Homebuyer Education Class

Seek Credit Counseling (if needed)

05Secure

Secure Pre-Approval through a Local Lender

06Contact

Contact TJCLT to discuss housing availability and enter into a contract to purchase**.

07Close

Close on your home and sign a TJCLT ground lease.

*Must make less than 80% of the Area Median Income
**TJCLT and PHA can recommend attorneys to help you with the closing process