Pre-approval from a participating
lender is required to purchase an LCHT home. Pre-approval still requires
a good credit score and two years of stable income and bill payment
Prospective buyers receive a
conventional fixed interest rate, with a 30-year non-predatory loan.
Often buyers can avoid additional PMI due to the amount of program
Affordable Down Payment Requirements:
Five percent (5%) of the buyers' income but no less than $500. A gift is
acceptable for cash requirements exceeding $500.
If you are a first time homebuyer,
the LCHT program will cover closing costs up to $3,000.
Maximum Cash Values for persons
younger than 62 are $5,000 + $2,500 for each additional family member.
For persons older than 62 there is a maximum of $12,500 each.
The lender will look at 30% - 42% of the
monthly gross for all adults in the family. This ratio depends on your
credit score, your income and the loan amount compared to the house's value.
Tenants to Homeowners, Inc.
The Lawrence Community Housing Trust
Tenants to Homeowners,
is a nonprofit Community Housing Development Organization (CHDO) that serves
the City of Lawrence, KS.
2518 Ridge Court, Suite 209
Lawrence, KS 66044 • Phone 842-5494 • Fax 842-7570 •
LawrenceLandTrust@yahoo.com • Copyright © 2007 TTH