Financing & Lenders
Financing a home through Grand Forks Community Land Trust (GFCLT) is similar to a traditional home purchase — with added support to help buyers succeed.
GFCLT works with local lenders who understand the Community Land Trust model and can help guide buyers through the process.
How Financing Works
When you purchase a GFCLT home:
You use a standard mortgage to buy the home (the structure and improvements)
The land is leased from GFCLT through a long-term ground lease
Most common mortgage products can be used for CLT homes
Local Lenders & Pre-Approval
As part of the buying process, buyers must be pre-qualified or pre-approved for a mortgage.
Working with a lender helps you:
Understand what you can afford
Estimate monthly payments
Identify next steps to prepare financially
GFCLT can provide a list of local lenders familiar with CLT homes.
Preparing to Buy
You do not need perfect credit or a large down payment to buy a GFCLT home. Helpful preparation steps may include:
Reviewing your credit
Saving for down payment and closing costs
Gathering income and employment information
GFCLT and lending partners are available to help you understand your options.
Assistance & Support
Down payment and closing cost assistance may be available, depending on the buyer and the home.
GFCLT also provides education and guidance to help buyers understand the ground lease, resale requirements, and long-term responsibilities of 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.