To be eligible for the CCLT programs , all applicants must meet the minimum criteria to be considered for the program.
Majority Age - must be 18 in Minnesota to qualify for a mortgage.
Citizen of USA or registered alien
Maximum Income : To be considered for selection, a household must have an annual income which does not exceed 80% of the median income of households of equal size residing in the statistical area (as defined by the U.S. Department of Housing and Urban Development or its successor agency) within which the housing unit is located:
Minimum Income : In general, households that require a cosigner in order to obtain a mortgage will not be considered. You must have the purchasing power to afford a mortgage payment of approximately $850-1000 per month.
Affordability : You can afford a CCLT home if your monthly costs for housing are at least 28% of your gross monthly income. These housing costs include: the mortgage (principle and interest), real estate taxes, insurance, any association dues, and the lease fee for the land. Additionally, all debt, including the above housing costs, should not exceed 41% of your gross monthly income. This includes all set monthly payments, i.e. car payment(s), credit card payments, etc.
Assets : Applicants may not have more than $5,000 in liquid assets after closing. Assets in excess of $5,000 must be used for down payment or closing costs for the applicant to be eligible for the program.
Creditworthiness : In all cases, a household must be able to demonstrate a sense of ownership of its financial obligations, and a history of responsible effort to meet them. This will be required for you to be able to obtain mortgage financing.
SELECTION CRITERIA
Applications will be considered on a first-come, first-served basis.