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. Sign up for a free class in your neighborhood by clicking here.

2. Attend a Homebuyer Education Class

You should attend an all-day home buyer education class; fees for the class range from $25 to $50. This class is offered through several nonprofits in the Portland metropolitan area, including Portland Housing Center, NAYA Family Center, Hacienda CDC and African American Alliance for Homeownership .

3. Meet PCLT staff

Join 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. 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. Click here to see a list of PCLT's current approved lenders.

5. Dive in to the details

It's important to us that you understand our program so PCLT staff will meet with you individually to provide more in-depth review of all important documents. We ask that you meet independently with an attorney to review documents as well. We are happy to help you find an attorney.

6. Sign a Purchase and Sale Agreement

For New Construction: PCLT will provide the Purchase and Sale Agreement, and you'll work with PCLT 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 a grant to help purchase the home (and will work closely with you to determine the exact grant 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 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!

7. It's closing time!

Congratulations! At closing, you will complete the necessary paper work and file the proper fees and then, the keys are yours!