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Homebuyer Process

HOMEBUYER INFORMATION SHEET

 

HOMEBUYER PROCESS STEPS:

Below are the seven steps to purchasing a home from the First Community Land Trust of Chicago:

  1. Prescreening & Orientation.  General overview of Land Trust model and initial prescreening of buyer elgibility.
  2. Application & Qualification.  Submission of Membership Enrollment Form and Official Intake Form.
  3. Homebuyer Counseling.  Begin homebuyer counseling with HUD certified agency.
  4. Loan Application (Pre-Approval).  Obtain pre-approval for mortgage with participating lender.
  5. Attorney Contract Review and Offer to Purchase.  Group contract review of legal documents with buyer’s pro-bono lawyer. We supply you with attorneys to review  and explain all documents with you.  Offer to Purchase is completed.
  6. Closing. Your pro-bono attorney will be present.
  7. Post-Purchase Counseling.  Access to IDA (Individual Development Accounts) and economic uplift programming to increase earning capacity.