Buying a GFCLT Home
Buying a home through Grand Forks Community Land Trust (GFCLT) is similar to buying any other home - with a few important differences that help keep the home affordable long-term.
This page walks through the process step by step so you know what to expect, from eligibility to closing.
Step 1: Confirm You’re Eligible
Before applying, buyers should review GFCLT’s eligibility requirements, including income guidelines and residency expectations.
Eligibility is based on:
Household income
Intended use as a primary residence
Ability to qualify for a mortgage
If you’re unsure whether you qualify, GFCLT encourages you to apply or reach out with questions.
Step 2: View Available Homes
GFCLT homes are listed on the Available Homes page. Each listing includes:
The CLT purchase price
Key features of the home
Estimated affordability assistance
Application status and deadlines
Homes may be offered on a first-ready, first-approved basis, depending on the specific listing.
Step 3: Start the Pre-Application
When you’re ready, the next step is to complete the GFCLT pre-application.
The pre-application helps GFCLT:
Confirm eligibility
Understand your household size and income
Determine which homes may be a good fit
Submitting a pre-application does not commit you to purchasing a home.
Step 4: Get Pre-Qualified With a Lender
Approved applicants will work with a lender to become pre-qualified or pre-approved for a mortgage.
GFCLT works with local lenders who are familiar with the community land trust model and can help buyers:
Understand mortgage options
Estimate monthly payments
Identify down payment assistance or special programs
You do not need perfect credit to begin this step.
Step 5: Complete the Full Application
Once you’ve identified a home and have lender pre-qualification, you’ll complete a full application for that specific property.
This step may include:
Income documentation
Asset verification
Review of GFCLT’s ground lease and resale requirements
GFCLT staff are available to answer questions and walk you through the process.
Step 6: Home Inspection & Purchase Agreement
After application approval:
A purchase agreement is signed
A professional home inspection is completed
Any required repairs or conditions are addressed
This step is similar to a traditional home purchase.
Step 7: Closing on Your Home
At closing:
You purchase the home (the structure and improvements)
You sign a long-term ground lease for the land
Financing is finalized with your lender
After closing, the home is yours, and you begin building equity while helping preserve affordability for the future.
Life as a GFCLT Homeowner
As a GFCLT homeowner, you:
Own your home and can build equity
Pay a small monthly ground lease fee
Agree to resale guidelines that keep the home affordable for the next buyer
GFCLT remains a long-term partner and resource throughout your homeownership.
Ready to Take the Next Step?
If you think you may qualify, the next step is to start the pre-application process or explore current listings.