Buying a home is a big step! We can help.
Homeownership through Diamond State is a little different from traditional home ownership, and we will work with you to ensure you understand not only the steps of buying a home, but the ins and outs of our program.
We’re with you every step of the way!
To qualify for buying a home through Diamond State, there are a few things to know.
Steps to Home ownership
with Diamond State CLT
Contact Diamond State Community Land Trust for information.
Attend your CLT introductory orientation.
Complete a Diamond State CLT Housing Application
Filling out the application does not obligate you to work with our program, but it provides more details about your financial situation. [**Please be sure to save a copy of the application**]If you experience difficulties accessing the application online, please send an email to firstname.lastname@example.org or call (800) 282-0477 for further assistance.
[IMPORTANT: In order to process your application ALL required documents listed on page 5 of the application MUST accompany your application.]
Review your application with us and make a plan.
Everyone’s situation is different. This is a chance for us to help you review your mortgage eligibility and make a home buying plan. Banks want to see that you have a solid financial record for mortgage approval. Do not worry if your credit is not perfect, though, because there are steps you can take to help clean up your credit report. In addition, you will have to save for an earnest money deposit, down payment and closing costs, and other home purchase expenses.
Get mortgage pre-approval from a Loan Officer.
There are specific banks that have created partnerships with Diamond State CLT to provide mortgages to our homebuyers. A list of approved lenders is available from Diamond State CLT staff. We are always willing to work with new lenders, but it can take as long as a year for them to approve the program. We want the process to be as smooth as possible for you.
Attend homebuyer education counseling.
Learn about the many stages of becoming a homeowner, from determining how much you can afford to the closing process, from people who know. Housing experts including realtors, loan officers and home inspectors lead these sessions. The Workshop is for anyone thinking about buying a home, not just for Diamond State CLT homebuyers. These three certified homeownership counseling agencies are our primary counseling and training partners:
- NCALL Research 302-678-9400 • www.ncall.org
- Interfaith Community Housing of Delaware, Inc. 302-652-3991 • www.ichde.org
- First State Community Action Agency 302-856-7761 • www.firststatecaa.org
Obtain approval from our home buyer selection committee.
Diamond State CLT staff will present an overview of your application and financial situation to the Selection Committee for review. The Diamond State CLT Selection Committee will decide to approve it or make recommendations for future approval. Staff will notify you of their decision.
Review the ground lease with an attorney.
We recommend you meet with an attorney to review the Land Lease. This is to ensure you understand the Land Lease, particularly the resale formula. We can provide you with the names of some attorneys who are willing to work with you at a reduced cost. The staff will also review the Land Lease with you in detail.
Sign a Purchase Agreement.
In some instances, there may be an opportunity to reserve a home with Diamond State CLT through a “pre-sale”. A pre-sale consists of choosing a home, signing a Purchase & Sale Agreement with Diamond State CLT and making a $1,000 deposit to an escrow account with a title company. Diamond State CLT will assist you with the purchase process, including the required paperwork. If there are no current properties available, you will remain on the ready-to-buy list.
Schedule your home closing.
Link to the Homebuyer Manual