FAQs
Application Questions
Where can I find the application?
The application remains open as long as there are homes available- Check the tabs across the top of the webpage and click on “Apply Now.”
The application is "open" does that mean there are homes for sale?
Yes, the application will remain open when we have homes to sell, or approximately Please subscribe to the Website below to stay informed.
Do I need to reapply ever?
No, you do not need to reapply. Once your application is in the system there is no need to reapply.
When will I move on to the nest steps?
Approximately 2 weeks you submit your application we will inform the household (s) of the next steps. You will send over a loan pre-approval and your homebuyer education certificate. Once received look for an email with the income eligibility application attached. Please submit all necessary documents so we can determine if you are eligible.
I do not have all the documents listed in the necessary documents list?
Please do your best to gather all the documents on the list. Most documents on this list are also required for the mortgage lender, so do your best to gather the documents listed. We cannot complete a review of your income without the documents on the application.
Required documentation:
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Your government-issued photo identification (drivers' license, military ID, State ID, permanent ID, permanent resident alien card, etc.)
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Your Social Security card
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Proof of your household income (such as pay stubs or profit & loss statements)
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Proof of household size (such as tax returns, and custodial documents)
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Proof of generational ties (such as proof of previous address, and school records)
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Your most recent utility bill
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Your most recent bank statements
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Copy of your Mortgage Lender's Pre-Approval Letter
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HUD Homebuyer Education Certificate
What are the steps once I complete my online application?
1) Complete Homebuyer Education at a HUD Certified Counseling Agency
2) Complete 1 hour of one on one counseling with your HUD Certified Counseling Agency
3) Complete a loan pre-approval with one of the preferred lenders below
Once the three steps are completed we will evaluate your household income and documentation.
How much money do I need to close on an ACLT Home?
We do not know your exact cash to close, but your mortgage lender can assist with approximate numbers after you apply. You will need $1,000 Earnest Money to secure your contract, in addition to cash you will bring to the home closing. You may also be eligible for the City of Austin Down Payment Assistance program.
The number in my household has changed or may change after I apply? Can I update my application?
The online self-certification (application) is a “snapshot” of your present household situation. If your household situation changes after your initial application you can alert the staff at that time of a change.
Program Questions
What are “generational ties?”
The Preference Policy Pilot implemented through the Austin Community Land Trust (ACLT) are provided in response to Resolution No. 20180308‐010 (Resolution), which directed the City Manager to propose a preference policy that relates to the distribution of affordable housing units for low‐ and moderate‐income households based on generational ties to the city and a policy that relates to the distribution of units based on household size. This includes homeownership and for low‐ and moderate‐income households who are displaced.
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households that currently reside or did reside (back to 2000) in census tracts identified as gentrifying in the University of Texas study, Uprooted;
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households that have been displaced since 2000 due to natural disaster, government action, or from properties triggering the City’s Tenant Notification and Relocation Assistance Ordinance or the federal Uniform Relocation Act; and
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households that have immediate family residing in the city.
Does this program help with down payment and closing cost?
The program does assist with some of the closing costs, but there are also other programs that can assist, including:
Be sure to speak to your mortgage lender about any other opportunities that may be available.
Mortgage questions
Do you have suggested mortgage lenders?
We have preferred lenders that have worked with our affordable programs in the past.
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Craig Greenberg, Land Home Financial Services Loan Officer
NMLS# 402039 Apply Here
Craig.Greenberg@LHFS.com
281-973-5540
NMLS #219210 | Company NMLS #3274, Apply Here
NMLS ##508398 | Company NMLS #3013, Apply Here
707-303-2902
How do I find out if I can be approved for a mortgage loan?
First, we encourage you to complete a homebuyer education class. The certificate is required to purchase a home from ACLT, and will also help you understand the steps for purchasing a home. The best and only way to know if you can get a mortgage loan is to apply for a mortgage pre-approval.
Is there a minimum credit score for the program? Is there a minimum income?
No, there is not a minimum credit score nor a minimum income. However, mortgage lenders and banks do have minimum credit scores for their programs. Incomes also determine how much house one can qualify to purchase through financial institutions.
What is a “ground lease,” and what happens once I pay off the home?
The Austin Community Land Trust (ACLT) is unique in that it separates the ownership of the house from the land. It creates affordable housing by taking the cost of land out of the purchase price of an ACLT Home. The ground lease is the payment covering you renting the land where the house is located. Once you pay off the home, you will still need to pay the ground lease, property taxes, homeowner’s insurance and all other bills/ utilities associated with your home.
How much is the ground lease?
The current ground lease amount is $50/ month.
How do I view the homes, and in what condition are the homes?
You can view the homes by checking the website Homes for Sale | ACLT-Homes. All the homes have been renovated. All major systems have been repaired or replaced along with some cosmetic updates.
If I decide to sell my ACLT home, will I have equity?
Yes, all ACLT homes gain 2% capped appreciation, simple interest for every year you own the home.