Lenders

FIND COMMON QUESTIONS AND ANSWERS HERE

FAQ

Join the interest list on the Birdwhistle website to receive email updates. Start your application process through ECLT found on their website: Application Process - Elevation Community Land Trust.

How do I get started?

You'll need a minimum of $3,000 saved, with $1,000 as earnest money due when going under contract and $2,000 in reserves at closing. Down payment assistance and gifts can be used for both down payment and closing costs.

What do I need for a downpayment?

A homebuyer must meet qualifications at the time of purchase only.

What if my income increases?

Your monthly mortgage payment depends on factors like your interest rate, townhome price ($255,000* for a two-bedroom, and $290,000* for a three-bedroom), down payment, and other considerations determined by your ECLT participating lender. Our mission is to ensure your mortgage payments are both affordable and sustainable. 

How much will my mortgage be every month?

Elevation Community Land Trust retains ownership of the land, while homebuyers purchase the improvements.

How are these homes made affordable?

Yes, there is a lifetime land lease fee of $100/month and and HOA fee of $261/month. Both fees will be factored into your mortgage payment to maintain affordability.

Are there any additional fees?

We anticipate starting closings and move-ins in February or March 2024. This is subject to change based on construction.

When will the townhomes be ready?

If you need assistance with your application, please email ECLT at info@elevationclt.org or call (720) 822-0052.

I am stuck on my ECLT application. Who should I contact?

To determine if you qualify, please follow this link and scroll down to "Fort Collins Income and Asset Limits Sheet" Additionally, you can use ECLT’s convenient pre-screener tool available at Pre-screener Tool.

Do I qualify?

No, you cannot own additional residential property at the time of purchase.

Can I own additional residential property at the time of purchase?

You have the right to sell your home at any time. Check with your lender for any requirements or penalties, and reach out to the ECLT team for more info.

Can I sell my home in the future? If so, when?

If your home appreciates, you'll get 25% of the appreciation. Resale price follows the ECLT resell formula explained in their New Homeowner Orientation.

Will I make proceeds from the sale of my ECLT home?

Homeowners may leave, give, or sell their home to a spouse, children, or other members of the household (defined as anyone who has lived in the home for at least one year) without the need for those persons to qualify for the program. However, they must agree to a new land lease upon inheritance.

Can someone inherit my ECLT home?

Yes, and if you make qualified improvements, a credit may be added to the resale price for those improvements.

Do I have the right to change the living space?

Refinancing your home is allowed but requires written approval from ECLT. The refinance amount is limited to maximize debt within resale price limits.

Can I refinance it?

Yes, you can have a roommate. Rent charged to the roommate must not exceed 50% of housing costs. A roommate entering the home at purchase must be on the application to live in the home and must qualify as a household member.

Can I have a roommate?

ECLT’s program requires lenders to be familiar with the community land trust model. Participating Lenders can be found here.

Which lenders may I use?

Yes, you are allowed pets; please refer to the HOA rules to learn more about guidelines and requirements.

Can I have a pet?

*A $10,000 in Down Payment assistance available for all qualifying buyers on all available floor plans.