3109-B NE Broadway
Portland, OR, 97232
(503) 493-0293
Buying a Home Through PCLT
Buying your first home is a big step! We can help. Homeownership through PCLT is a little different from traditional homeownership and we'll 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 PCLT, there are a few things to know. Click here to learn more about the qualifications.
1. Attend a PCLT Homeownership Orientation Class. PCLT holds free, one-hour land trust homeownership orientations each month. This is your opportunity to learn about how to buy a home through PCLT, and about the specific homes we have for sale. You'll fill out a preliminary PCLT Homeowner Application. This doesn't obligate you to work with our program, but it gets you "in line" to work with our staff if you decide to pursue buying a house with us.
2. Attend a Homebuyer Education Class. You should attend an all-day "ABC's of Homebuying" class; fees for the class range from $25 to $50. This class is offered through several nonprofits in the Portland metropolitan area, including through the Portland Housing Center.
3. Meet individually with PCLT staff to review mortgage eligibility and make a home buying plan. You'll fill out a detailed Final PCLT Application. We review applications on a first-come, first-served basis. Your application will be considered complete when all the supporting income-eligibility material is included. If you are interested in purchasing a particular new construction home that PCLT is building, you will sign PCLT's Wait List Policy so you're in line for the house you want to buy. PCLT staff will provide you with PCLT's list of approved lenders familiar with land trust loans.
4. Meet with a lender. Your next step will be to meet with a lender (we can suggest several who are approved lenders for land trust homebuyers) and get pre-approved for a loan.
5. Learn about and understand our program. It's very important that you fully understand the Land Lease Agreement or Affordability Covenant, particularly the resale provisions. PCLT staff will meet with you individually to provide more in-depth education about the PCLT program. We also ask that you meet independently with an attorney to review the lease and other documents related to your transaction. We are happy to help you find an attorney, if you'd like.
6. Sign a Purchase and Sale Agreement to Buy a New Home.
- For New Construction: PCLT will provide the Purchase and Sale Agreement, and you'll work with PCLT and the developer (one of PCLT's nonprofit partners) through your purchase process; for some new construction homes, homebuyers who sign a Purchase and Sale Agreement early enough may have some choices on finishes in the home.
- For Buyer-Initiated: you'll work with a realtor and search the market to find a house that meets your needs. PCLT will provide the subsidy to purchase the land (and will work closely with you to determine the exact subsidy amount for which you are eligible). You'll sign a Purchase and Sale Agreement with the seller, and will work with PCLT and your realtor through the purchase process.
Whether you're buying a new home or an older one, after you've signed the Purchase and Sale Agreement, you will need to have a home inspection by a licensed inspector and negotiate any necessary repairs with the seller. Even if you're purchasing a new house, you need to ensure that the home is safe and solid; if necessary, the seller will have to correct any code issues.
7. Proceed To Closing. Congratulations! At closing, you will complete the necessary paper work and file the proper fees and then, the keys are yours!