Frequently Asked Questions

  • No, but SCHLT. homeowners are restricted to the types of real estate they own prior to closing.

  • Our program requires that buyers be at or below 120% of the Area Median Income, based on household size. 

    Household must have an annual gross income which does not exceed one hundred twenty percent (120%) of the median income of households of their household size for Sheridan County Wyoming, as published annually by the U.S. Department of Housing and Urban Development (HUD).

    Income limits as defined by HUD as follows:

    (First number to represent individuals in household with 80% floor and 120% ceiling to follow)

    1 - $59,150 / $88,680
    2 - $67,550 / $101,280
    3 - $76,050 / $114,000
    4 - $84,450 / $126,720
    5 - $91,200 / $136,800
    6 - $98,000 / $147,000
    7 - $104,750 / $157,200
    8 - $111,500 / $167,250

    2024 Guidelines as Defined by HUD

  • In order to qualify, 75% of your income must come from a Sheridan County zip code.

    Sheridan County Zip Codes are as follows: 

    82801 - Sheridan

    82833 - Big Horn

    82842 - Story

    82839 - Ranchester/Acme

    82844 - Ranchester/Wolf

    82836 - Dayton

    82837 - Leiter

    82831 - Arvada

    82838 - Parkman

    82832 - Banner

    82835 - Clearmont

    82845 - Wyarno 

  • 75% of your household income must be earned in Sheridan County's local zip codes.

  • Yes, so long as your income (social security payments, pension payouts, etc.) is sufficient to qualify for a mortgage and meets SCHLT's eligibility criteria.

  • No. In order to assure that the home is affordable to the members of the household, no co-signers are allowed.

  • Note for prospective homebuyers:

    Here is what you need to know to buy a Sheridan County Housing Land Trust 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.

    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 (See info below).

    ● 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).

    (See info below)

    ● 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 a 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.

  • 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)

    Liquid assets to be considered include:

    • Cash savings, including but not limited to bank accounts, credit union accounts, certificates of deposit, and money market funds

    • Marketable securities, stocks, bonds, and other forms of capital investment

    • Inheritance and insurance payments received in previous five (5) years

    • Settlements for personal or property damage received in previous five (5) years

    • Other personal property that is readily convertible into cash.

    The following are not considered liquid assets by HLT

    • Ordinary household effects including furniture, fixtures, and personal property that is not readily convertible into cash.

    • IRAs, pensions, investment accounts, etc. that would require a penalty for early withdrawal.

    • Automobiles used for personal use.

    • Balances in specifically designated retirement funds and college savings accounts. 

    • Securities, stocks, bonds, and other forms of capital held in a tax-deferred retirement plan recognized by the Federal Internal Revenue Service

  • Homeowners must live in their home as their primary residence, occupying their home for at least ten (10) months every year, and may not rent any part of their home for any period of time unless the homeowner receives a written exception to this policy from the Habitat for Humanity board of directors. Short-term rentals are not allowed. description

  • Investing in real estate is a risk. The primary financial benefit of SCHLT homeownership is the potential ability to build equity through appreciation (2% simple interest) and through paying down your mortgage debt. SCHLT homes provide an entry point to homeownership that may not otherwise be available locally to the workforce.

  • At resale, homeowners may sell their home for the original purchase price, keeping the equity earned by paying down the principal balance on their mortgage. Plus, they may receive simple interest of two percent (2%) for each year they own the home. And, if the homeowner made approved capital improvements to their home, they may be eligible for a credit for these modifications.

  • The Homeowner shall pay a monthly Lease Fee in the amount of fifty dollars ($50.00) to be paid in return for the continuing right to possess, occupy and use the Leased Land, plus a Reserve Fee of twenty dollars ($20.00) to be held by SCHLT and used for the purpose of preserving the physical quality of the Home for the long term.

     

    This helps build equity while keeping the home affordable for future income-qualified homebuyers.

  • Local lenders that are currently familiar with how our Housing Land Trust works are as follows:

    First Bank of Wyoming 460 E Brundage Lane, Sheridan, Wy 82801

    1. Callie Drell | 307-621-0500 | cdrell@gofirstbank.com

    First Federal Bank & Trust 671 Illinois St, Sheridan, WY 82801

    1. Stephanie Aggers | 307-673-2949 | Saggers@efirstfederal.com

    2. Maren Borsheim | 307-675-4013 | Mborsheim@efirstfederal.com

    3. Nicole Pearce | 307-673-2959 | npearce@efirstfederal.com

    First Northern Bank 29 North Gould St, Sheridan, WY 82801

    1. Shiann Panetta | 307-675-2146 | spenetta@firstnorthern.bank

    2. Whitney Sweeny | 307-675-2141 | wsweeny@firstnorthern.bank

    American Pacific Mortgage 543 N Main St, Sheridan, WY 82801

    1. Sheridan Filbert | 307-217-2382 | sheridan.filbert@apmortgage.com

    2. Brandy Campbell | 307-751-2376 | brandy.campbell@apmortgage.com

    You may seek lending from other lenders however they may be unfamiliar with our model resulting in a mortgage that does not meet your needs

  • Current homebuyer education: Fannie Mae Homebuyer course