Note for prospective homebuyers:

Here is what you need to know to buy a SCHLT home. These homes will be priced significantly below market for income-eligible households. The homes differ from market-rate homes in the following respects:

• You own the home and lease the land, which is held in trust for the community.

• When you sell your home, you keep your equity and a percentage of the home’s increased value.

• You must reside in the home as your primary residence.

For more information, visit our FAQ page.

Steps to Becoming an SCHLT Homeowner

1. Submit an Application

Complete and submit an SCHLT application along with 60 days of pay stubs or two years of tax returns (for non-W-2 employees).

● You must be 18 years older or older and a U.S. citizen

● You cannot already own/have interest in real estate (This is not permitted at the time of purchase)

● Liquid assets cannot exceed the maximum median household income for a four-person household

● Must have lived/worked in Sheridan County for 3 months prior to applying.

2. Application & Income Review

SCHLT will review your application to confirm you meet the income and asset eligibility requirements.

● Households must earn between 80%-120% of the area median income(AMI)

● Must be Verifiable Income with a Verification of Employment (VOE)

● 75% of your household income must be earned locally (Sheridan County)

3. Mortgage Prequalification

If you qualify, SCHLT will refer you to a local lender familiar with the HLT program. You will need to obtain a mortgage prequalification letter from the lender.

● Housing debt-to-income may not to exceed 35%, total debt to income not to exceed 43%

● Determine that you have resources available for a down payment (at least 3% of the purchase price is required for down payment and closing costs).

● Take our homebuyer education class that will explain other steps in the homebuying process.

4. Evaluation & Home Offer

Once pre-approved, SCHLT will evaluate your application using a points-based system. The highest-ranking applicants will be notified and have the opportunity to purchase an SCHLT home when one becomes available.

● Applications are ranking on the following criteria:

○ Length of Application on file

○ Years working/living in Sheridan County

○ Community Involvement (Volunteering)

○ Employment (Occupational Bonus)

● Households will get 1 combined & averaged score

Allowable Assets:

Household may have liquid assets not exceeding the maximum median household income for a four-person household Sheridan County, as of the date of the household’s application for HLT homeownership, as published annually by the U.S. Department of Housing and Urban Development. ($108,500-2024)