THE HOMEOWNERSHIP APPLICATION PROCESS

If you are interested in purchasing an Oakland Community Land Trust (OakCLT) home, you may be wondering what the process looks like. How long does it take? How do I qualify? How does OakCLT determine who gets to purchase a home? Our process typically includes the following 8 steps or phases:

PHASE 1. Prepare for Homeownership  The following “Phase 1” items can be completed in any order but must all be completed by the time you submit your application.

• Check whether you meet the baseline requirements for OakCLT (see “Basic Requirements” tab on this page)

• Attend a scheduled OakCLT Information Session (visit the “Register for an Info Session” tab on this page)

• Complete a HUD-Certified 8-hour homebuyer education class. Any HUD-certified housing counseling agency meets our requirements but some preferred local agencies that offer pre-purchase education local providers are A-1 Community Housing Services, Richmond NHS, and Operation HOPE. You can also complete an online course through eHome America. We will accept a certificate of completion if issued within the past two years.

• Get pre-approved for a mortgage through one of OakCLT’s approved lenders. OakCLT’s current approved lenders are:

  • • Diversified Mortgage Group – Contact Sam Forbes

    • Guild Mortgage Company – Contact Sandra Smith

    • Tomo Mortgage Company – Contact Ted Volynets

• Find a realtor to work with. You may also choose to work with OakCLT’s realtor, Stephanie Christmas

PHASE 2.  Review OakCLT’s available housing opportunities. Have your realtor request a tour, and review all available documentation and disclosures to determine if you would like to apply.

PHASE 3.  Submit Application. The Application will be posted here when there is an available opportunity. Remember that in order to submit a complete application, you must include a mortgage pre-approval from an OakCLT-approved lender and a homebuyer education course certificate with your application. For reference, here is a sample pdf version of an OakCLT application. We only accept applications when there is an available ownership opportunity. CLICK HERE TO ACCESS THE ONLINE APPLICATION

PHASE 4.  OakCLT Screens Applications. All applications are screened for baseline eligibility, and then scored based on OakCLT’s Homebuyer Selection Criteria.

PHASE 5.  OakCLT Identifies Buyer & Enters Into a Purchase Contract. Applicant(s) with the highest score based on the homebuyer selection criteria will be invited to submit supporting documentation to verify the information provided regarding their household incomes, assets, and selection criteria characteristics. If that information is verified the top scoring applicant is invited to submit a purchase contract.

PHASE 6. City of Oakland Reviews Applicant (if a City-Assisted Project). YWhen an OakCLT home is subject to an affordability agreement with the City of Oakland, the City’s Housing and Community Development Department must approve the sale to an OakCLT-identified purchaser. The City will review the applicant’s household income and assets, the terms of the proposed mortgage, and confirm that the transaction aligns with the City’s affordability agreement. 

PHASE 7. Prepare for Closing. Your agent, lender, and OakCLT will shepherd you through this process, lasting 45-60 days.

PHASE 8. CLOSE! Applicant becomes an OakCLT homeowner, enters into a ground lease with OakCLT, and OakCLT provides ongoing stewardship support.

NOTE: You DO NOT need to be a first-time homebuyer to qualify to purchase an OakCLT home. However, in order to participate in some downpayment or other subsidy programs, you may need to be a first-time buyer to receive assistance.