/'q_ LJ Step Three: Apply for Mortgage Preapproval A home bought through THLT costs significantly less than that home's market-rate value. Many homeowners have mortgage payments close to what they paid in rent. We partner with a number of local financial institutions to make sure they understand the unique lending requirements for CLT home sales and can provide our prospective homeowners the pre-purchase support and services they need. First Steps Pre-approval 5 Preparing for homeownership can take some time. It's not unusual for families to be correcting or building their credit, taking home buyer classes, and working with a lender to become pre approved a year or two before they close on a home. The community lenders on our referral list are dedicated to increasing affordable homeownership in our community, and often offer special low-interest loan programs, down payment assistance, counseling, and other options Getting loan pre-approval does not commit you to working with a specific lender, although often they will be your final choice. Getting pre-approved is, however, a requirement for being included on our list of applicants for a specific property.
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