Somtimes CREDIT is not what stands in the way of buying a home. Sometimes the most credit-worthy folks just cannot AFFORD to buy a home in Colorado Springs. Many times I get a GREAT client - perfect credit, excellent motivation for owning a home ... But they are only qualified for a home that really doesn't exist, here in Colorado Springs. They fall just under or at the $100k mark, in an area where homes average much higher.

If only they could afford just a few thousand dollars more, a whole new market of homes would be available to them.

Now there is an option for these home buyers - these hard working folks who are sick of renting and are more than ready for all the responsibilities of home ownership. This option is: Rocky Mountain Community Land Trust (RMCLT).

Rocky Mountain Community Land Trust is a "non-profit organization that provides homeownership opportunities for low and moderate income families." They have programs in place to help new homeowners qualify for a home and save about $150 a month on their new mortgage (compared to the same mortgage used w/o RMCLT)!

Home Buyers who use RMCLT are allowed to pick the neighborhood that they wish to live in - based on needs for work, school, etc.

How Do You Qualify?

There are several criteria that need to be met, for the Rocky Mountain Community Land Trust to help a new homeowner BUY a home:

1.       The annual household MUST be BELOW 80% of the area median income. Here are the guidelines:

2.       They MUST be a First Time Home Buyer (or have not owned a home in 3 years).
3.       They MUST have $1,000 to use toward the purchase.
4.       They MUST be approved for a conventional mortgage from one of these qualified local/national lenders:

• Air Academy Federal Credit Union
• First Bank Of Colorado Springs
• Wells Fargo Home Mortgage

5.       They MUST attend a First Time Home Buyers workshop.

If this sounds interesting - or if you know of someone who would benefit from a program like this, please contact Rocky Mountain Community Land Trust, at: (719) 447-9300 (No Web Site)

In the News:
Rocky Mountain Community Land Trust, along with Habitat for Humanity, is taking part of the Woodmen Vistas Community - a new neighborhood in Northeast Colorado Springs. This neighborhood will have about 10 acres and about 67 homes, with about 5 of those acres dedicated to RMCLT. This neighborhood will be NE of Woodmen and Powers, just south of Cumbre Vista and Wolf Ranch will be a part of Academy School District 20. For more information on the Woodmen Vistas Community, please read: Woodmen Vistas - Update on New Pikes Peak Habitat for Humanity Neighborhood in N/E Colorado Springs, CO.

Rocky Mountain Community Land Trust ... "Building a Strong Community ... One House ... One Neighborhood at a Time."

Posted By:  Mariana Wagner - Colorado Springs Real Estate