Become a Homeowner
How to Become a Community Land Trust Homeowner
The Webster Groves Community Land Trust (WGCLT) is building a list of people interested in homeownership through our organization. When we have a home to sell, we will share with this list so you can read about the home, see pictures, and decide if you want to apply.
Is Webster Groves Community Land Trust a Good Fit for You?
WGCLT was established to help people with deep connections to the Webster Groves area—whether through family, work, or school—to be able to choose this community as their permanent home. The community land trust model means you buy the home and WGCLT retains ownership of the land, making the home more affordable for you and for future generations of homeowners.
WGCLT offers an attainable home price, the stability of homeownership, and the opportunity to build modest equity in a home. The wealth-building potential is not as great as traditional homeownership, because a resale formula restricts the price of the home when you decide to sell — but it is meaningfully greater than renting, where monthly payments build no equity at all.
WGCLT’s mission is to keep the home affordable not only for the first buyer, but for every buyer thereafter. Community land trust homeowners may use this opportunity to save for traditional homeownership, or they may choose to remain in their home for a lifetime.
Are You Financially Eligible to Become a Homeowner with WGCLT?
To purchase a home you must be able to qualify for a mortgage through a local lender. You will need to provide the lender:
Pay stubs for the previous 3 months
Bank statements for the previous 2 months
W2s for the previous 2 years
You will need a credit score of 640 or higher. Applicants may still qualify if they have a bankruptcy or foreclosure that has been discharged for at least three years.
Our mission is to serve home buyers who are priced out of today’s real estate market. Please review the Income Limits chart. Is your household income less than the limit for your household size? In order to qualify, you also cannot own another home or have significant assets outside of retirement savings.
Other eligibility requirements include citizenship or legal residence in the United States and participation in a homebuyer education program.
If you do not currently qualify, WGCLT can connect you to resources to help you make a plan to purchase a home in the future. Join the List to learn more.
