Apply For A Home

Interested in purchasing an affordable home through the Raleigh Area Land Trust? Please submit an online application to confirm eligibility for Raleigh Area Land Trust homes. See below for details prior to submission.

 
 

Application Instructions:

  • Prior to submitting an online application, prospective homebuyers must attend one RALT GENERAL INFO SESSION.

  • This online qualifying application is required to be completed in order to purchase a home through the Raleigh Area Land Trust (RALT).

  • If eligible, RALT staff will invite prospective homebuyers to complete a full online application.

  • Thank you for taking the time to fill out this application carefully. We need complete information in order to have a fair and consistent process for selecting buyers. Income verification is required by our funding sources. Incomplete applications will not be processed until all paperwork has been submitted.

  • If you need help filling out this application or have questions, please contact us at info@ralt.org to arrange a call during business hours. Currently, our available business hours are Fridays from 9am -12pm.

  • The processing of your application may take up to sixty (60) days from the time your complete application has been submitted. Completing this application does not guarantee that you will be eligible, or you will successfully purchase a home through the Raleigh Area Land Trust.

  • Once your application has been reviewed, a member of RALT will contact you to let you know if you are eligible to submit a full application for a RALT home purchase and/or if we need more information to determine your eligibility.

ELIGIBILITY FOR PURCHASE OF A RALEIGH AREA LAND TRUST HOME

To be eligible to purchase a home through Raleigh Area Land Trust, applicants must:

  • Be a Citizen of the USA or registered alien.  

  • Majority Age: Must be 18 or older to qualify for a mortgage.

  • Income Eligibility Maximum Income: To be considered for selection, a household must have an annual income which does not exceed eighty percent (80%) of the Area Median Income (AMI) of households of equal size residing in the statistical area (as defined by the U.S. Department of Housing and Urban Development or its successor agency) within which the housing unit is located. Please refer to the HUD income limits (HUD Income Limits). 

  • Creditworthiness: In all cases, a household must be able to demonstrate a sense of ownership of its financial obligations, and a history of responsible effort to meet them. The mortgage underwriting guidelines of the lending programs available to RALT homebuyers shall determine the credit risk and overall creditworthiness of the applicant. 

  • Counseling: The household must complete homebuyer counseling through DHIC Financial counseling services to determine homeownership readiness and eligibility for downpayment assistance.

  • Minimum Income: To be considered for RALT’s homeownership opportunities, a household’s monthly income, when multiplied by the appropriate debt-to-income ratio, must be sufficient to support the housing costs for the housing opportunity in question. In general, households that require a co-signer in order to obtain a mortgage will not be considered. 

  • Affordability - (i.e. matching household income to housing cost): In general, affordability means that the monthly cost of occupying a particular home does not exceed thirty-two percent (32%) of monthly gross household income and monthly housing costs and total debt payments do not exceed forty-five percent (45%) of monthly gross household income. 

  • Assets : To be considered for RALT’s homeownership opportunities, a review of a household’s financial resources and circumstances should clearly indicate a limited ability to compete successfully in the conventional housing market. Applicants will be required to provide 1% of the purchase price toward the home purchase, from the buyers own funds. 

  • First-time homebuyers: Defined as someone who has not owned a principal residence in the past twelve months; or a single parent who may have owned a home with a former spouse in the past twelve months but now no longer resides there.

  • Be prepared for closing costs to range from $5,000 to $8,000 dollars. There is a minimum 1% of purchase price personal contribution requirement (same as mentioned above). The rest of the closing costs can come from gifts, down payment assistance and other grants, loans, or other sources.

 
 

spring 2024 application cycle is currently open

Interested? Please submit an online qualification application to provide us with more information. Once we have reviewed your information, we will follow-up with next steps in the application process which may include submitting a full application to purchase a CLT home.

 

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