Step-By-Step to Homeownership

Determine Your Eligibility

• Review SCLT guidelines and income chart to determine if you are eligible for our program. If so, do the next step to determine if you can get a mortgage loan.
• Pre-Approval Letter from Lender:
  • After submitting the URLA to the lender, obtain a lender pre-approval letter based on tri-merge credit for a mortgage loan (based on credit, income, savings, and debt). Submit the letter and URLA to SCLT.

Consultation with SCLT Staff after you’ve determined you’re eligible and getting a loan looks promising.

• Orientation with a SCLT Staff member is done with a PowerPoint presentation on Zoom.

SCLT Application Process

• SCLT Application: Complete & qualify to get on the waiting list and before you can sign a sales contract.
• Application Fee: A non-refundable $25 + sales tax check or money order, made payable to “Sitka Community Land Trust” or “SCLT”, or credit card payment. Agreeing to pay the credit card fee is appreciated.
• A photocopy of an approved form of identification for each adult household member (18 years old or older).
• Watch the Homes & Hands video: This is a classic video about CLTs across the country.
• Homebuyer Education: For borrowers who are unable to attend the 6-hour HomeChoice ™ class, Alaska Housing offers an online home study course at no cost, Finally Home™. Download the certificate after successfully completing the course and submit it to SCLT. To register and access the test, go to https://www.finallyhome.org/en/partners/alaska/.

You’ll need to do the following when you’ve decided to pursue buying a SCLT home:

• Work with staff to choose house design and lot location
• Work with a real estate agent to sign a Purchase and Earnest Money Agreement with the SCLT.
• Contact a Lender to complete a Universal Residential Loan Application (URLA): The SCLT will provide an estimated sale price for the lender at this time. Complete application with Lender and submit copy of URLA to SCLT.
• Credit Report. There are 3 companies from which to choose to get this annual report. You can get these free reports without losing points on your score. Follow this link: https://www.annualcreditreport.com/index.action.
• Submit to SCLT a copy of Income Tax Return Form 1040, Page 1 for all household members aged 18 and over.
• Line up Homeowner’s Insurance
  • Add SCLT to the policy as an Additional Insured before closing of home sale.

You’re next on the list for a home

• Review S'us' Héeni Sháak Homeowners Association documents that will be sent to you.
• Meet with an attorney to go over the Ground Lease. Two local attorneys provide this service.
• Loan Estimate and/or Closing Statement: Obtain from lender and submit copy to SCLT.

After construction is done and it’s time to Close

• Close the Deal Sign the SCLT Ground Lease and many other documents at the title agency office and the deed to the home is transferred to you after the sale is Recorded. Congratulations, you are a homeowner!

After you Buy: Work with Staff.

• After you are settled in your home, SCLT staff will be available to help your home purchase succeed over the coming years, until you are ready to sell. When that time comes, we will help you then, too. We'll make sure you have access to classes that will help you succeed.