Applicants Waiting List NCLT notifies applicants on the waiting list of units for which they might qualify (based on household size and total gross annual income of all household members combined). However, without correct information, NCLT has no way of notifying applicants of appropriate and available units. Applicants on NCLT’s waiting MUST keep us informed of changes in income, household size, and address/contact information. NCLT sends out annual update forms to applicants. Applicants MUST complete and return these to remain on the active waiting list
Steps to NCLT Homeownership Step 1
Applicant completes with the following additional documents - Recent pay stubs
- Recent tax return
- $25 for credit check
- Bank statement verifying down payment
and returns the packet in person or via mail to the NCLT office at: Housing Application List Manager
3122 Shattuck Avenue
Berkeley, CA 94705 Step 2
NCLT runs credit check on applicant.
Applicant reviews credit report and works with NCLT to address any issues that need credit repair. Step 3
Applicant enrolls and participates in a homebuyer education seminar.
Applicant receives homebuyer education certificate of completion and sends a copy to NCLT. Step 4
If necessary, Applicant enrolls in credit counseling and submits new credit report to NCLT at completion of credit counseling. Step 5
Applicant obtains loan pre-approval from lender. Step 6
Applicant is interviewed by NCLT. Step 7
Applicant is ranked and selected according to NCLT selection procedure. Step 8
Applicant signs purchase and sales agreement. Step 9
Applicant opens escrow with a title company.
Applicant submits sales agreement and escrow deposit. Step 10
Purchase and sale agreement contingencies are removed by completion of required actions. - Home inspection contingency are removed by completion of required actions.
- Appraisal contingency are removed by completion of required actions.
- Loan contingency are removed by completion of required actions.
Step 11
Applicant’s loan is approved and applicant and NCLT sign land lease. Step 12
Close of escrow. - NCLT and Applicant sign final documents.
- Applicant moves in.
When deciding a household's initial eligibility for the Resident Ownership Program, NCLT considers the following issues: - Credit history
- The stability of the household
- The long term stability of the household's income
- Issues that might impair the household's ability to function as homeowners
- Longevity in the community
- The size of the household with regards to the size of the unit.
|