Elevation Community Land Trust Homeowner Application

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Homeownership Program Application 

 

Welcome! Elevation Community Land Trust (ECLT) is committed

to making permanently affordable homeownership possible in Colorado.

 

We look forward to helping you pursue your homeownership goals.

 Applications are now being accepted for a range of home types.

 

If you would like assistance in completing this application or

need additional help in identifying and locating required documentation,

please call (720) 822-0052 or email info@elevationclt.org to set up an appointment.

 

ELEVATION CLT HOMEOWNERSHIP


HOW TO APPLY: Check to see if your income falls within our program income limits. Click here to link to our Prescreening sheets – Select the area in which you would like to buy a home: Metro Denver         Boulder County         Larimer County (includes Fort Collins and Loveland). If your income falls within our program limits, please follow the 3 Step Process below to apply to our program.

 

STEP 1: Complete the Application:

Please complete all parts of this online application and submit. You will have the opportunity to print your application for your own records once your application has been submitted.

STEP 2: Upload Required Documents: DO NOT SUBMIT YOUR SUPPORTING DOCUMENTS VIA EMAIL.

Once you have submitted your completed application, you will receive an automatically generated email with a secure link to securely upload your required documents.

 

STEP 3: Pay the Application Fee: 

A one-time $25 fee is required to process your application.


Or send your check (made payable to Elevation Community Land Trust) to Elevation Community Land Trust, 1114 W. 7th Ave., Denver, CO 80204. Your application review will begin upon receipt of your application fee.



ONCE YOUR APPLICATION HAS BEEN SUBMITTED:

Processing Your Application:

The application process may take at least two weeks from the time your complete application (which must include all required documents and receipt of the application fee) has been submitted.    Completing this application does not guarantee that you will be eligible for, or that you will successfully purchase a home through the Elevation Community Land Trust homeownership program. Once ECLT has reviewed your application, we will contact you regarding any additional information needed or will send you a letter regarding your qualification.

 

Income Calculation: 

Federal regulations require all programs to look at a "snapshot" of your gross income (net income, if you are self-employed) and project it forward 12 months. Federal regulations also require that we calculate income from your assets and add that to your income. Don't be surprised if the income stated in the letter you receive looks different than what you might think of as your income. Feel free to ask the Elevation Community Land Trust how your income was calculated.

 

Orientations: 

You must attend an ECLT orientation in order to be fully qualified. Check our website: www.elevationclt.org for the link to our Orientation Schedule or download it here:  Online Orientation Schedule.

 

Homebuyer Training Course: 

This program requires that you attend a HUD-approved Homebuyer Education course prior to being able to purchase a home through  the program. Course information for HUD-certified Homebuyer Training classes is available by clicking this link. https://www.chfainfo.com/homeownership/HomeBuyerEducation/HBE-inperson-schedule.pdf

 

 

Pre-Qualification or Pre-Approval Letter: 

Contact ECLT or go to this link for a list of Participating Lenders to request a pre-qualification letter to submit to ECLT: Participating Mortgage Lenders.

Please submit your pre-qualification or pre-approval letter, based on a tri-merge credit report from a CLT-approved mortgage lender, listing maximum loan amount and loan type; housing payment not to exceed 33% of total gross household income (net income for self-employed).

Total debt (including proposed housing payment) to income ratio may not exceed 43%.

 

REQUIRED DOCUMENTATION CHECKLIST

_____________________________________________________________________________

 

The following documents (if applicable) must be uploaded to a secure link which will be automatically emailed to you following your application submission. Please include information for all household members regardless of who will be on the title and/or mortgage of a home.

 

DO NOT SUBMIT YOUR SUPPORTING DOCUMENTS VIA EMAIL. You will be emailed a secure link upon receipt of your application.


Scan and upload original documents to the secure link you will receive following your online

application submission.  Please check every box below that applies to you and your household members.


 

 

A completed employer verification form [click here to link to download the employer verification form] or a letter from your employer, on letterhead, indicating your annual gross wage, start of employment, pay schedule, expected wage increases and any overtime, bonuses, tips or commissions.

Copies of one month’s worth of your most recent pay stubs.

Verification of all other sources of income (Social Security, Social Security Disability, pension, etc.).

Complete copies of 2 years of your most recent Federal tax returns, all corresponding W2’s, schedules

If you are self-employed (full or part-time), submit a year-to-date profit/loss statement and three years of federal income tax returns. Submit your estimate of the income you will receive for the next 12 months and an explanation as to how you came to that number.

A statement from your financial institution documenting the 6-month average balance of your checking account or copies of the most recent 6 months of checking account statements.

A copy of your most recent savings account statement, including the interest rate.

A copy of the most recent statement from all other assets (IRA, 401K, cash value of life insurance policy, etc.) verifying the current balance, interest rate or annual dividend payment.

If you have been separated or divorced within the past three years, submit a copy of your divorce decree and verification of the division of marital assets, court-ordered custody arrangements and child and/or alimony payments.

If you currently own a home, submit a recent appraisal of that home or the most recent Assessor’s statement and your most recent mortgage statement.

If you had joint ownership in a property within the last 3 years and are no longer on the Title, submit a Quit Claim Deed showing the termination of your interest in the property.

If you currently own other real property, such as vacant land and/or commercial property, submit a recent appraisal or Assessor’s statement and a recent mortgage statement.

 

Additional Requirements
Prepare

Household Information: Birth dates, Employment and Education / School info

Economic Profile: Household income, Assets, and Debts
Current Living Situation: Rent and Utility costs

Save

Click the "Save my progress and resume later" link at the top of any page. You'll be prompted to submit an an email and password.  Afterwards you'll receive an email with a link that can be used later to open the application and continue working. When you return to complete the form, you will need to provide the same email and password.


Tip: If your internet connection is inconsistent, save your progress as you go.

Submit

All required fields must be filled. Any left blank will be highlighted in red when you attempt to submit. Once your application is submitted, your service coordinator will respond within 7 days to discuss your eligibility and next steps.

HomeKeeper Affordable Housing App Step 1/5
1 Applicant Information
2 Household Information
3 Economic Profile
4 Current Living Situation
5 Homeownership Goals
Provide details for the Primary Applicant below. The Primary Applicant will be the main contact for [AFFORDABLE HOUSING ORG NAME]. It is not required that the Primary Applicant be the most significant contributor to the family income. If there is a Co-Applicant, another household member that will be a co-borrower or co-owner, please include their details also.

Primary Applicant



 






 
Physical Address






Mailing Address




 










Co-Applicant




 




 

Mailing Address














HomeKeeper Affordable Housing App Step 2/5
1 Applicant Information
2 Household Information
3 Economic Profile
4 Current Living Situation
5 Homeownership Goals
Please provide information on any other members of your household, such as children, grandparents, or other adults in the household who are full time or part time residents. This information helps calculate your household size. Demographic information is not a criteria in the approval process but provides a clearer picture on the types of families who might benefit from affordable housing opportunities.

Additional Household Member #1






 









Additional Household Member #2






 









Additional Household Member #3






 









Additional Household Member #4






 









Additional Household Member #5






 







*If you still have additional household members please notify the organization in your next meeting.

HomeKeeper Affordable Housing App Step 3/5
1 Applicant Information
2 Household Information
3 Economic Profile
4 Current Living Situation
5 Homeownership Goals
The information you provide on this page goes into determining your eligibility with the financial requirements of the [AFFORDABLE HOUSING PROGRAM NAME].
Assets
Please list the current the value of all household Assets. Enter numbers without dollar signs. Use the link below to create additional Assets.





 
Debts

Please list the current the value of all household Debts. Enter numbers without dollar signs. Use the link below to create additional Debts.





 

Supply each income source the Applicant receives. Sources of income include earned income from employment as well as benefits, social security and child support.
Applicant Primary Income Source


Wages



Overtime Pay



Commissions



Fees/Tips



Bonuses













Applicant Secondary Income Source


Wages



Overtime Pay



Commissions



Fees/Tips



Bonuses













Applicant Tertiary Income Source


Wages



Overtime Pay



Commissions



Fees/Tips



Bonuses












 

Supply each income source the Co-Applicant receives. Sources of income include earned income from employment as well as benefits, social security and child support.

Co-Applicant Primary Income Source


Wages



Overtime Pay



Commissions



Fees/Tips



Bonuses













Co-Applicant Secondary Income Source


Wages



Overtime Pay



Commissions



Fees/Tips



Bonuses













Co-Applicant Tertiary Income Source


Wages



Overtime Pay



Commissions



Fees/Tips



Bonuses












 

Supply each income source other adult (18 years or older) household members receive. Sources of income include earned income from employment as well as benefits, social security, disability and child support.

Other Household Member Income Source #1


Wages



Overtime Pay



Commissions



Fees/Tips



Bonuses













Other Household Member Income Source #2


Wages



Overtime Pay



Commissions



Fees/Tips



Bonuses













Other Household Member Income Source #3


Wages



Overtime Pay



Commissions



Fees/Tips



Bonuses












 
HomeKeeper Affordable Housing App Step 4/5
1 Applicant Information
2 Household Information
3 Economic Profile
4 Current Living Situation
5 Homeownership Goals
Outline information about your current housing and expenses on this page. Just one more page to go!


Please enter the number without a dollar sign.



 
HomeKeeper Affordable Housing App Step 5/5
1 Applicant Information
2 Household Information
3 Economic Profile
4 Current Living Situation
5 Homeownership Goals
Please provide information about your desired living situation. This information will allow us to help you find the right home for you and your family.

Previously Owned Home





Please tell us about your mortgage:












To select multiple answers, hold the CTRL key (PC) or Command key (Mac) as you click.


PART 3:  CERTIFICATIONS

It is our policy to verify all information contained in this application. In acknowledgement of this policy, please sign your name(s) where indicated.

 

I/We certify the following:

    All the information contained and submitted in support of this application is true and complete to the best of my/our knowledge and belief.

 

    I/We are aware that any misrepresentation will result in the forfeiture of my/our right to participate in the Elevation Community Land Trust Homeownership Program and may result in legal action against me/us.

 

    Consent to Release Information:  

 

    I/We authorize representatives from Elevation Community Land Trust Homeownership Program to supply and receive information to/from my/our financial institution(s), other housing/down payment assistance programs, my/our Realtor and/or my/our Mortgage Lender to verify the information contained in this application. This information includes, but is not limited to bank statements, employment status, income, outstanding debts and other financial information. I also authorize representatives from Elevation Community Land Trust Homeownership Program to allow inspection and reproduction of any financial records or information in their possession. I/We understand that information in this application may be shared with funders for the purpose of funding compliance.

 

    I/We understand that the income I/we use to qualify for a mortgage loan amount must be the same as the income I/we claim in this application.

 

    I release all representatives from Elevation Community Land Trust Homeownership Program from any and all liability arising from release of such information. This authorization is limited solely to information requested for the processing of my application for Elevation Community Land Trust Homeownership Program.

 

    If I/we purchase a home under the Homeownership Program, I/we will occupy the home and agree to use the home as my/our primary and principal residence.

 

    I understand that completion of this application does not guarantee that my/our eligibility for program and/or that I/we will successfully purchase a home through the Elevation Community Land Trust Homeownership Program. 





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Equal Opportunity: In accordance with the provisions of the Equal Opportunity Act and Elevation Community Land Trust Homeownership Program’s policies, there will be no discrimination against an applicant for these benefits on the basis of age, source of income, sex, race, marital status, sexual orientation, national origin, religion or disability. If you or a member of your household is an individual with a disability, you have the right to request reasonable accommodation for that disability.  Elevation Community Land Trust Homeownership Program is committed to assuring that each individual has an equal opportunity to the use and enjoyment of the benefits of this program. For more information, please contact Elevation Community Land Trust directly.  

 

Confidentiality:  In order to process an application, Elevation Community Land Trust Homeownership Program may supply and receive information as detailed in the “Consent to Release” clause above.  Information may also be released to comply with the auditing requirements of program funders.  With these two exceptions, all personal and identifying information on an application remains fully confidential.

That’s it!

When you click submit below it may take a few moments. Please only hit the Submit button once. We’ll double check to make sure you have submitted all the necessary fields. If you've missed anything you may need to use the Previous Page and Next Page buttons to navigate back to the field missing info. When you've filled out any of the missing pieces, submit again.

DO NOT SUBMIT YOUR SUPPORTING DOCUMENTS VIA EMAIL.  Once we receive your application, we’ll send you a follow up email requesting supporting documentation for your income and asset information within two business days. Once we receive the supporting documents that we require, we will process your full application within ten business days. We will send you an eligibility letter when we are finished.

Talk to you soon and thank you for taking the time to complete our application.



REMINDER:  DO NOT SUBMIT YOUR SUPPORTING DOCUMENTS VIA EMAIL. You will be emailed a secure link upon receipt of your application.

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