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Is Trust Homeownership for You?

Our homeownership program is open to any and all buyers who are income-qualified and want to live in Lehigh County or Northampton County. When thinking about your eligibility, you should consider your income and employment, as well as your credit history and savings. These are the factors a lender will consider when you apply for a mortgage. We recognize that homebuyers may be at different stages of the homebuyer process. We can help connect you to other community resources to assist you.
Are you ready to buy a home?
If you want to buy a Trust Home, you need to review your current income, monthly debt payments, credit report and savings. A homeownership counselor can help you identify how much you can afford and your eligibility. These services are available through our sister program Community Action Financial Services. Although everyone’s financial situations are unique, we do not allow our homebuyers to pay more than 33% of their gross monthly income towards housing costs (including the monthly ground lease fee).
What does your income need to be in order to qualify for Trust homeownership?
The Trust may serve households with steady incomes of up to 80% of the area median incomeOccasionally, we might offer a home with a different income limit.  This information will be noted in the real estate listing if applicable.
What if your debts are high?
Almost everyone has some debt. Paying consistently on debt is what builds your credit history. However, most lenders want consumer debt load (the minimum monthly payments on credit cards, your car loan payment, student loan payment, any child support or alimony that you pay) to be no more than 10% of your gross monthly income. The more debt you carry, the smaller the home mortgage loan you will be able to qualify for. Your homeownership counselor will help provide you with tools and create a plan to reduce your debt and stick to a sustainable budget.
What if you have credit problems?
As with purchasing a market rate house, a participating lender will perform a thorough credit history check before approving your mortgage. “Credit repair” is really a matter of debt repayment and time—it takes time (sometimes several months) for credit reporting agencies to clear debts on your credit report, even if you’ve paid the debts off. If you have credit problems, it doesn’t mean homeownership is out of reach—it just means you have some financial work to do and likely won’t be able to purchase a home right away.