Buy a House
Searching for a home you can truly afford? The Trust offers single-family homes in College Park through our Shared Equity Program. Explore this page to learn about the application process, eligibility requirements, and more below.
Application Process
How to Apply?
Visit the How it Works page to learn about how CLT homeownership differs from traditional models.
Eligibility Check
- Do you have a household annual income of 140% or less of the DC Metro Area Median Family Income (MFI) determined by the Department of Housing and Community Development (HUD)?
- Do you currently not own a residential property in College Park, Maryland?
- Are you able to obtain a fixed-rate, 30-year mortgage from an approved lender?
- Select a realtor of your choice. They will help you coordinate a property tour and represent you during the purchase process.
- Complete and submit the Program Application [link] with required documents.
Email your full application package to: info@communitypreservationtrust.org
If selected, you will be invited to seek mortgage pre-approval from a lender approved by us. Once you have applied, a Trust staff member will schedule an Intake Meeting.
We ask you to bring pre-approval for a mortgage loan from your lender (approved lenders).
- Review the 99-year Affordable Housing Land Trust Agreement.
- Complete a HUD-Certified Homebuyer Education Course.
- Confirm and finalize financing details with Trust Staff.
To purchase a home with Trust, participants are required to complete a course within six months of their purchase.
Review and approve your Purchase Agreement and Closing Documents with your realtor.
Close on your new home and move in!
Eligibility Requirements
Who can qualify?
Must be willing to PAY IT FORWARD (understand the Land Trust Model for more details).
Household income must not exceed 140% of the Median Family Income, based on family size, for the DC Metro Area, according to HUD.
The purchaser does not currently own real estate in College Park, Maryland.
Must have the ability to qualify for a mortgage loan.