Are you interested?
HART (through Northern Homes Community Development Corporation) is up and running. We are building a list of interested buyers and would love to hear from you. The following information might help you decide if you would be interested in being a buyer of one of our homes in the future.
People who have an interest in buying a home can contact Northern Homes Community Development Corp. at (231) 582-6244.
Purchase Process
The purchase process for CLT homes is a bit different from that of other homes. It includes homebuyer education and counseling support to ensure complete understanding of shared equity homeownership. Together we will:
· Help you decide if CLT homeownership is right for you
· Determine your eligibility
· Introduce you to CLT experienced mortgage lenders
· Provide required pre and post purchase education and support
· Help you build a strong foundation for successful homeownership
Qualification Checklist
You do not own another home
This home must be your principal residence. You have to live in it at least 10 months per year
You have sufficient income to afford mortgage payments, insurance, taxes and upkeep on the property
You will attend homebuyer education training through our group
Your household meets the income requirements (more info below!)
Income Limits
Income is based on the number of persons in the household and includes all income sources for all household members over 18. Income limits are shown below for each family size.
1 Person $40,000 - $100,000
2 Persons $45,000 - $120,000
3 Persons $50,000 - $130,000
4 Persons $60,000 - $140,000
5 Persons $63,000 - $160,000
6 Persons $65,000 - $170,000
Homeowner Costs & Responsibilities
You, as a HART homeowner, will be responsible for maintaining the home and property in accordance with the ground lease and master deed requirements.
When purchasing the home, you agree to, and sign, a long-term, renewable ground lease.
The Ground Lease fee is $50 per month.
You, as the homeowner, will pay your property taxes in two separate bills - one for the improvement (which is the house), and one for the land.
You will have full use of the leased land. You can put up a fence, do your own landscaping, plant a garden, put up a playset, etc. There are very few restrictions on your daily use of the land.
You will maintain your home and yard to a high standard that will make the neighborhood proud.
Northern Homes has a fixed rate resale formula. This fixed rate formula is detailed in the ground lease. It is easy to calculate your equity at any time. The actual dollars will vary for each homeowner.