Application for DPA or CLT

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Household

HRDC Application for 

Down Payment Assistance (DPA) or 

Homeownership in a HRDC Community Land Trust (CLT)

This application will require you to upload items at the end.  You can start the application and go back to finish in the future.  It will send you a link via email.  
Required Documents: 
  • Letter from your lender that states how much you are qualified for.  This letter also needs to be dated in the month of May to make sure you have been approved for current interest rates.
  • Homebuyer Education Certificate
  • HRDC Privacy Policy
  • Pre-Purchas Counseling Disclosure
Eligibility is determined by the total household's current, gross, annual income for the number of people who will spend at least 50% of their time in the home.  The amount in the chart below is the maximum that a household can earn in the year for the county the house is located in.  Households with total gross annual income higher (or substantially lower) than these figures may not qualify for a CLT home and/or DPA.  These numbers are updated as of May 2022.


West Babcock CLT (North 24th Street) & Down Payment Assistance in Gallatin County                           1 person              $55,650                

2 people              $63,600                

3 people              $71,550                

4 people              $79,500                

5 people              $85,900                

6 people              $92,250

               

Livingston CLT (West Reservoir Street) & Down Payment Assistance in Park County                     

1 person              $46,350              

2 people              $52,950              

3 people              $59,550              

4 people              $66,150              

5 people              $71,450              

6 people              $76,750              

 

Willow Springs CLT (Hoover Way & Georgia Marie Lane) 

1 person              $83,520

2 people              $95,520

3 people              $107,400

4 people              $119,280

5 people              $128,880

6 people              $138,480











Resident 1
Please list all persons who will reside in the house other than the applicant and co-applicant listed above.



Resident 2



Resident 3



Resident 4



Resident 5



Resident 6





Current Living Situation



Applicant Information

Address







Employment 1






Employment 2






Employment 3






Income
List ALL sources of income for the applicant in the past 3 years 
If you don't have enough room please submit the information in the comments at the end.
  • Wages
  • Workers Comp
  • Social Security
  • Unemployment Benefits
  • Pensions
  • SSI
  • VA
  • Dividends
  • Interest
  • Child Support
  • Alimony
  • Self-Employment 
Income Source 1







Income Source 2







Income Source 3







Income Source 4







Income Source 5







Income Source 6







Applicant Liquid Assets
Please list all liquid assets-
Assets include:
  • Cash and savings in bank accounts, credit union accounts, certificates of deposit, and money market funds.
  • Marketable securities, stocks, bonds, and other forms of capital investment.
  • Inheritance, settlements, and insurance payments received in the previous five (5) years.
  • Other personal property that is readily convertible into cash.
Not considered assets:
  • Ordinary household effects include furniture, fixtures, and personal property that is not readily convertible into cash including cars for personal use.
  • IRAs, pensions, investment accounts, etc. would require a penalty for early withdrawal.
  • Balances in specifically designated retirement funds and college savings accounts.
  • Securities, stocks, bonds, and other forms of capital are held in a tax-deferred retirement plan recognized by the IRS.

Assets 1





Assets 2





Assets 3





Assets 4





Assets 5





Assets 6





Debts
Please list all long-term debt that is paid monthly.  
  • Loans/ Lines of Credit
  • Credit Cards
  • Student Loans
  • Car/ Recreational Payments
  • Child Support
  • Alimony
Debt 1





Debt 2





Debt 3





Debt 4





Debt 5





Debt 6





Co-Applicant Information


Address







Employment 1






Employment 2






Employment 3






Income
List ALL sources of income for the Co-Applicant in the past 3 years 
If you don't have enough room please submit the information in the comments at the end.
  • Wages
  • Workers Comp
  • Social Security
  • Unemployment Benefits
  • Pensions
  • SSI
  • VA
  • Dividends
  • Interest
  • Child Support
  • Alimony
  • Self-Employment 
Income Source 1







Income Source 2







Income Source 3







Income Source 4







Income Source 5







Income Source 6







Applicant Liquid Assets
Please list all liquid assets of Co-Applicant not listed on Applicant section-
Assets include:
  • Cash and savings in bank accounts, credit union accounts, certificates of deposit, and money market funds.
  • Marketable securities, stocks, bonds, and other forms of capital investment.
  • Inheritance, settlements, and insurance payments received in the previous five (5) years.
  • Other personal property that is readily convertible into cash.
Not considered assets:
  • Ordinary household effects include furniture, fixtures, and personal property that is not readily convertible into cash including cars for personal use.
  • IRAs, pensions, investment accounts, etc. would require a penalty for early withdrawal.
  • Balances in specifically designated retirement funds and college savings accounts.
  • Securities, stocks, bonds, and other forms of capital are held in a tax-deferred retirement plan recognized by the IRS.

Assets 1





Assets 2





Assets 3





Assets 4





Assets 5





Assets 6





Debts
Please list all long-term debt that is paid monthly that are not listed in the Applicant section.  
  • Loans/ Lines of Credit
  • Credit Cards
  • Student Loans
  • Car/ Recreational Payments
  • Child Support
  • Alimony
Debt 1





Debt 2





Debt 3





Debt 4





Debt 5





Debt 6





Anyone else over the age of 18 who will be living in the home information


Employment 1






Employment 2






Employment 3






Income
List ALL sources of income for the applicant in the past 3 years 
If you don't have enough room please submit the information in the comments at the end.
  • Wages
  • Workers Comp
  • Social Security
  • Unemployment Benefits
  • Pensions
  • SSI
  • VA
  • Dividends
  • Interest
  • Child Support
  • Alimony
  • Self-Employment 
Income Source 1







Income Source 2







Income Source 3







Income Source 4







Income Source 5







Income Source 6







Applicant Liquid Assets
Please list all liquid assets-
Assets include:
  • Cash and savings in bank accounts, credit union accounts, certificates of deposit, and money market funds.
  • Marketable securities, stocks, bonds, and other forms of capital investment.
  • Inheritance, settlements, and insurance payments received in the previous five (5) years.
  • Other personal property that is readily convertible into cash.
Not considered assets:
  • Ordinary household effects include furniture, fixtures, and personal property that is not readily convertible into cash including cars for personal use.
  • IRAs, pensions, investment accounts, etc. would require a penalty for early withdrawal.
  • Balances in specifically designated retirement funds and college savings accounts.
  • Securities, stocks, bonds, and other forms of capital are held in a tax-deferred retirement plan recognized by the IRS.

Assets 1





Assets 2





Assets 3





Assets 4





Assets 5





Assets 6





Debts
Please list all long-term debt that is paid monthly.  
  • Loans/ Lines of Credit
  • Credit Cards
  • Student Loans
  • Car/ Recreational Payments
  • Child Support
  • Alimony
Debt 1





Debt 2





Debt 3





Debt 4





Debt 5





Debt 6





Other CLT Questions


TERMS AND CONDITIONS
COMMUNITY LAND TRUST

HOUSEHOLD ELIGIBILITY GUIDELINES:
  1. Households may earn no more than 80% of the Area Median Income for West Babcock or Livingston and 120% for Willow Springs by household size, as defined by HUD.
  2. Homebuyer must be a first-time homebuyer, as defined by the Montana Board of Housing 

    (MBOH), which states that an applicant cannot have owned a home within the past three years. Exceptions to this definition may occur when: 
    1. An applicant who has previously owned a home but has been displaced due to the death of a spouse, divorce, or legal separation.
    2. The applicant owns a dwelling unit that is not in compliance with state or local building codes and cannot be brought into compliance with such codes for less than the cost of constructing or purchasing a complying structure.
    3. The applicant owns a mobile/manufactured/modular home that is not affixed to a permanent foundation in accordance with applicable regulations.
    4. The home is occupied by a disabled adult or child and the unit cannot be readily adapted to meet their specific needs for less than the cost of constructing or purchasing a suitable structure.  Disabled as defined by MBOH is “A permanent disability or disabling condition which limits an individual’s ability to walk, reach, bend, climb stairs, or otherwise perform essential physical functions of daily living. The disability or disabling condition requires that the individual’s home incorporates accessible features such as ground floor construction, wheelchair lifts, wheelchair ramps, open floor plans, widened doorways, grab bars, roll-in showers lowered cabinets and countertops, oversized rooms, sidewalks, accessible controls and features, other individualized architectural adaptations, and non-toxic environments, which are accessible to people with environmental illnesses or multiple chemical sensitivity.” Household is required to contribute $1,500 towards their purchase.
  3. Household must complete homeownership education provided by HRDC or another HUD certified trainer and a one-hour housing counseling session.
  4. Household must also complete HRDC CLT Orientation prior to making an offer on a CLT home. 
  5. Total family assets may not exceed $140,000 and net liquid assets may not exceed $15,000 after closing. Retirement savings are not included in calculations of family assets.
  6. Exceptions to the above guidelines must be approved on a case-by-case basis.
PROGRAM GUIDELINES:
  1. Purchasers must execute and comply with all terms of the Community Land Trust Ground Lease Agreement.
  2. The residence shall be occupied as the owner’s principal residence for at least 10 months of the year, with no more than 15% of the total area of the residence to be used in trade or business.
  3. The sum of all financing may not exceed 102% of the base price of the property, plus any normal prepaid expenses.
  4. The interest rate of the first mortgage may not exceed the Montana Board of Housing’s (MBOH) rate on the day of loan approval plus one and one-half percent. (For example, if the MBOH rate for a zero-point, 30-year mortgage is 5.5%, the first mortgage may not exceed 7%).
  5. Front-end ratios (housing cost) for the mortgage cannot exceed 33%, with the target payment being 30%. A front-end ratio of less than 30% is acceptable if the household has secured the maximum amount of first mortgage financing available. Back-end ratios (total debt, including housing costs) cannot exceed 42 percent.
  6. HRDC will review the terms, closing costs, fees, and prepaid expenses of all first mortgage loan applications for reasonableness. HRDC will not allow the borrower to proceed with the purchase if the first mortgage’s fees or terms are deemed unreasonable or excessive.
  7. Any exceptions to the above guidelines must be approved on a case-by-case basis by the HRDC. 









Release

RELEASE OF INFORMATION AND CERTIFICATION OF ACCURACY 

By our signatures below we are agreeing that all the above information is accurate and correct to the best of our knowledge. We understand that this is an application for a Federally Funded Program and any misrepresentation of a material fact or omission is grounds for denial of participation in the program and could lead to prosecution under Federal and State law.


We agree that verification of any information contained in this application may be made at any time by the HRDC, their agents, successors, and assigns, either directly or indirectly through a credit reporting agency, from any source named in this application. We hereby authorize the HRDC to verify and to make such inquiries as it deems necessary or appropriate to verify the accuracy of this information contained in my/our Application. This information includes but is not limited to: my past/present employment earning records, my liqui1 assets, income records, personal loans, personal and business tax returns, and my past/present history as a recipient of government-paid benefits including but not limited to Social Security, Veterans Administration, Unemployment Insurance, Workers Compensation, Vocational Rehabilitatio1 and any other type of benefit. I agree that the HRDC may ask such questions as are pertinent and necessary in order to determine whether I/we qualify to purchase a home using an HRDC program.


I/We understand that a photocopy or fax copy of the undersigned signature(s) will serve as authorization to release any and all information needed to process my/our application to potentially purchase a home. The original copy of this application will be retained by the HRDC, even if I do not participate in any of the HRDC programs. It is specifically understood and agreed upon that a Lender may receive a copy of this application and any verifications of material facts obtaine1 by the HRDC and that the Lender may verify any of the information contained in this application.


The HRDC their agents, successors, and assigns will rely on the information contained in this application, and I/we have a continuing obligation to notify, amend and supplement the information provided in this application if any of the material facts which I/we have represented herein change prior to closing. I/We understand that this information will be used solely to verify my potential and eligibility for purchasing a home through an HRDC program. This release in no way obligates me/us to purchase a home and in no way obligates the HRDC or any other third party to finance or sell me a home.