Steps in the process
See if your income and assets qualify
Find a lender
Get on the buyer list
See if you might qualify - income ceiling
a. Find your annual gross household income in this table:
One person below $46,800
Two people below $53,450
Three people below $60,150
Four people below $66,800
Table updated with current income levels effective 6/15/2023
(Households larger than 4, see this page. On the page, find Latah County. Read across on the "Low Income" line. Your income must be less than the value shown for your household size. Make sure to look at 2023 version)
b. Income floor
All buyers musst have an income greater than 50% AMI for a household of one, unless overridden by IHFA on projects using their funds.
c. Do you have some savings for down payment & closing costs?
d. Do you have assets to consider?
2. Find a lender
You have a choice of lenders, below. MAHT gets funding from several sources, including a Federal program called HOME administered by Idaho Housing and Finance Association. In the event a home's construction funding is via HOME, the lender must work with Idaho Housing Finance Association (IHFA). See more on the Lender Information page.
If the project does not use HOME funds, your options for lenders is wider, but a lender must still be willing to work with a Communuty Land Trust sale. See more on the Lender Information page.
3. Get on the Buyer List
Tami Quezada at Team Idaho maintains the Buyer List. This list is for any house that the Trust might have for sale, today or in the future. We go down the list, asking each person if they want (and qualify for) a particular house. You can stay on the list even if you pass up a house purchase.
The Trust has new houses to sell on a regular basis. Its also possible that a current homeowner will want to sell and that also will be managed by the Buyer List.
To get on the list, you need a "Pre-Qualifiation" letter from your lender. That letter also needs to state that the lender has reviewed your income and you appear to qualify for your household size.
United Country Real Estate - TEAM IDAHO
About the Program
Moscow Affordable Housing Trust uses a mix of funds to create affordable home ownership opportunities by rehabilitating houses or constructing new ones. Houses are sold using the Community Land Trust model. Learn more to understand how a CLT provides a subsidy by not selling the land.
Houses are sold via local real estate agents, please do not apply to the Moscow Affordable Housing Trust, contact Tami Quezada at Team Idaho Real Estate.
Your next steps
Choose a lender.
Have your lender review this page to help you prepare.
Get pre-approved for a mortgage and know your buying power.
Read and agree to other program requirements that your agent will find in the listing packet.
Making an Offer to Purchase a MAHT Land Trust house
Prior to making an offer, agents are strongly encouraged to contact our agent, Tami Quezada at Team Idaho Real Estate, for guidance with additional required materials.
Homebuyer Education & Counseling Required
Before closing the sale, participants in this program are required to complete the Finally HOME! course and if HOME funds are involved, get 2 hours of 1-1 counseling from an approved financial counceler. IHFA in Lewiston will provide this service.
You will receive a certificate of completion from the Finally HOME course. A copy must be provided to your lender. In addition to meeting the program requirement, the course may qualify you for discounts from your lender.
What can you afford?
Try this Loan Calculator. NOTE: Loan calculators don't take into account private mortgage insurance that the lender may require or property taxes. These costs must be considered in addition to the monthly payment on the loan. Visiting a mortgage lender can help you get a better picture of your true buying power.
Credit & Budgeting.
University of Idaho Extension offers several short-courses on establishing credit, paying down debt, building your credit score, and basic financial planning which could help a family be more ready to decide to purchase, see this page.