Homeowners may refinance their homes according to the terms and conditions of the ground lease. These terms require the approval of Community Home Trust in order for the homeowner to refinance.
To begin your request to Community Home Trust, please review the guidelines below and fill out the Refinance Request form.
Here are the guidelines for securing approval for refinancing a Community Home Trust home:
- The homeowner must contact the bank and Community Home Trust and inform both of the intention to refinance.
- Community Home Trust will provide the bank with an estimate of the appreciation earned from Community Home Trust by the homeowner since the date of purchase.
- The bank will then determine the amount of total equity the homeowner has in his home based on the figures provided by Community Home Trust as well as the amount remaining on the mortgage.
- The bank will disclose to Community Home Trust the total amount of the new mortgage prior to closing.
Community Home Trust will approve the refinancing under the following terms and conditions:
- The homeowner must be current on their Homeowner Association dues, property taxes, ground lease fees, and stewardship fees, if applicable. If the homeowner is not current on any of these items, any equity accessed through the re-financing process must first be used to bring these items current.
- The homeowner must have $1000.00 of equity remaining in their home after the refinancing is complete.
- Equity shall, for the purposes of this document, refer only to earned appreciation in the Community Home Trust program plus the amount by which the first mortgage has been reduced by homeowner payments. If a homeowner’s resale formula is based on an appraisal formula, then any appraisal required to calculate equity shall be at the homeowner’s expense.