Income Limits – Who is Eligible for NMCDC Home ownership?

NMCDC CLT homes are available to be purchased by households earning less than 80% of the Area Median Income (these numbers are updated yearly by HUD). See below for what that means for your household.

Maximum Income
(80% Missoula








Household Size
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Minimum Household Income: As a general rule, a buyer should have an annual gross income of at least $22,000. If an applicant has lower annual earnings, this can be offset by having access to a significant down payment which can either be achieved through personal funds or a combination of personal funds and down payment assistance programs.

Ability to get a Mortgage: Your ability to purchase a home in the Land Stewardship Program is conditioned on your ability to obtain financing. Acceptance to our program does not guarantee your ability to obtain a mortgage.

However, to obtain financing it is beneficial if you have:

Credit: You should have a good credit rating, with no recent bankruptcies.

Debt: Your monthly debt payments do not exceed 10% of your gross monthly income.

Employment: You should have proof of steady employment or income for the past year.

Assets: If you have net assets exceeding $20,000 in value, they must be used towards purchasing your home. Assets include savings, land, mobile homes, recreational vehicles, boats, etc. Assets do not include household possessions, cars, tools, IRAs, pensions or any investment that would have a penalty for withdrawing money early. This means you CANNOT own any other real estate.

Down-payment Requirement: You must have a down-payment. The amount of down-payment required varies depending on the loan product you choose. For example: a conventional mortgage requires a minimum of 3 – 5% down-payment, a VA loan requires 0% down-payment. Down-payment assistance programs can be used on most of our homes. You will also be required to pay for your closing costs, either with cash at closing or by financing them through your mortgage. Your lender can give you an accurate estimate of closing costs.

Willingness to own a limited equity Community Land Trust home: Ownership of a Land Stewardship Project property is similar to market rate homeownership in many ways, but also different in very important ways. We will work with you to ensure that you understand the unique aspects and goals of our program.

NMCDC is an Equal Housing Opportunity provider and conducts business in accordance with the Federal Fair Housing Law.