potential lessee and lessee resources

Funding the Dream – Potential Resources

This is a brief over view of some resources that might be available to VCLT lessees to help finance home ownership or home repair. This list does NOT include all requirements or limitations of different programs – please contact the agencies listed for specific requirements. Programs often change and this list is not exhaustive.

Repairs

  • FCRHA – 0% Deferred payment repair loans restricted to certain towns, owners must be income eligible. Deferred payment means you don’t have to repay the loan till you sell the house.
  • USDA – Repair loans restricted to certain towns, owners must be income eligible
    • Contact: USDA Hadley service center: 413-585-1000
  • Banks – Many banks have home repair loans
  • Mass Save – The Mass Save program may provide grants and/or a 0% “heat loan” for eligible energy efficiency improvements. You must get an energy assessment to qualify.
    • Contact: 1-866-527-7283

First Time Home buyers

  • FCRHA – Home ownership workshops – six times a year. You do not need to need be a first time homebuyer to attend.
    • Contact: Joanne Glier at 413-863-9781 x150 or jglier@fcrhra.org for home ownership counseling
    • Contact: Pat 413-863-9781 x100 to get on mailing list for workshops
  • FCRHA – American Dream Down payment Initiative (ADDI). Lesser of up to $10,000 or 5% of purchase price. You must attend a home ownership workshop to qualify. Structured as a second mortgage that is forgiven if you live in your house for at least 5 years. Funding set to expire spring 2011.
    • Contact: Lori Davis at 413-774-2932 ext.2 or lori@greenfieldhousing.org

Mortgages & Loans

  • UMass Five College Federal Credit Union has recently approved VCLT for Community Land Trust home mortgages. You must meet standard underwriting criteria to qualify (credit score 660+, Loan to Value ratios, debt to income ratios, etc.)
  • USDA – Rural Development “Farmers Home Loan” – only available in rural towns to homeowners who can not qualify for traditional financing, but still have enough income to pay a mortgage. VCLT has not confirmed that they will loan on CLT land.
    • Contact: USDA Hadley service center: 413-585-1000
  • Banks and Credit Unions – try going to your local bank and applying for a loan. If you need a VCLT board member to come with you to explain the CLT model – just ask.
  • Private and Community Loans – try asking friends and family if they will loan you money with favorable terms. In the past VCLT has also facilitated holding loans from the community – this is something that could be explored again if we had increased volunteer energy.

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