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The 7 Steps to Becoming a CHT Homeowner

Buying a home through Community Home Trust is a bit different from buying on the private market. If you have questions about the steps outlined below, please email our Program Coordinator Yandry Mastromihalis at ymastromihalis@communityhometrust.org or give her a call at 919.967.1545 x313.

  1. Visit our website and submit your application. Go to communityhometrust.org and click on the “Buy a Home” menu. Visit the “Qualifications” tab to ensure you meet the requirements to apply. For example, your income must be below 80% of the AMI, and you must not currently own a home. If you do meet the qualifications, visit the “Apply Now” page to submit your application online.
  2. Submit required documentation. Once you complete your application, you will receive an email from us detailing the required additional documentation needed for pre-certification, including three months’ worth of paystubs and bank statements. Send us those documents by responding to the email you receive.
  3. We will process your application and send you an email about your qualification status within five business days. If we determine that you qualify for our program, we will also include information about required orientation, homebuyer education, and financial counseling.
  4. Wait for the right property to become available! Once your application has been accepted, you will begin to receive “sneak peek” emails from us as homes become available. If you see a home you are interested in, respond to the sneak peek email to be added to the interest list. Our automated ranking system will use your application materials to determine a priority list for showings for the home. While you are waiting for the right property to become available, make sure you are maintaining your credit and saving up for closing and moving expenses.
  5. Place a reservation on a home. Once you find a home you want to purchase, if you are first on the interest list, you will be invited to place a reservation on the home. You will then have one week to get your prequalification letter from one of our partner lenders and complete your orientation, homebuyer education, and financial counseling.
  6. Once you receive your prequalification letter, you will enter the contract process. At this point, you will need to put down $1000 of earnest money, which will later be deducted from your closing costs, as well as schedule an appraisal, which will cost $500-600. At this point, you will also schedule your walkthrough to review the inspection report, and you will have 10 days to change your mind, if you choose to do so.
  7. Get ready for closing! Typically, you can expect to close around 60 days from when you go under contract. You will also need to ensure that you have money saved for your closing costs, usually around $4000-$5000. No down payment is required.

Questions? Check out our FAQ or reach out to our Program Coordinator, Yandry Mastromihalis, at ymastromihalis@communityhometrust.org or 919.967.1545 x313. You can also register now to attend an orientation session to learn more about this process and get answers to your questions. Orientation sessions are held on Zoom, and registration is open now for 2021 sessions.