430 E WIND DRIVE, DOVER, DE 19901

Call for details on this 3 BR, 2.5 bath twin in Bay Tree. Purchaser must be NSP qualified owner occupied buyer and purchase must conform to Diamond State Community Land Trust model (call for information).

Ownership is leasehold the process below can take as little as one week to complete but is not guaranteed:
1. Applicants are referred to Diamond State, CLT for pre-qualification & orientation.
2. An application must be submitted along with the following documents:
a. Last 2 years tax returns, w2’s & 1099’s
b. Last 3 months pay stubs and proof of all other income for any member in the household over the
age of 18.
c. Most recent credit report
d. Photo ID
e. Last 2 months checking, saving, and all other asset statements
f. This application will confirm the homeowner meets the criteria of the home – their household income is lower than the AMI restricted for the home and their estimated monthly mortgage payment will not exceed 30% of their monthly household income
3. If applicants are pre-approved for a mortgage, they must confirm their lender has a product that works alongside land lease agreements. If not, Diamond State, CLT will refer the applicant to a lender who does.
4. Applicants are required to complete a HUD approved First Time Homebuyer course and be able to provide a certificate of completion.
5. Applicants will have to meet with a homeownership counselor for referral for the home.
6. Applicants will sign a sales contract and proceed with the traditional process of purchasing their home.
7. The lease to the land is inheritable to the same person who is assigned as heir to the home.
*IMPORTANT THINGS TO REMEMBER*
1. While the home is listed, we operate on a first come, first serve basis.
2. We encourage anyone who is interested in a CLT home to submit an application and attend an
orientation. CLT homeownership might not be something they are interested in right now, but may be in the future. If they are in our pipeline, they will be among the initial contacts in the future when more homes become available – but cannot be added to the pipeline if they have not completed an orientation or submitted an application.
3. There is a resale formula in the lease agreement. THIS LIMITS THE AMOUNT THE BUYER CAN SELL FOR IN THE FUTURE. However, we explain this aspect in two ways – 1. Equity earned will be proportional to the percentage of the value they purchase for. While Diamond State owns the land, this does not mean the value the homeowner purchases the exact value of the home, only. 2. Some households benefit from having the security of homeownership and low monthly mortgage payments on a daily basis. Diamond State, CLT recognizes this as an opportunity for families to have options that are otherwise unavailable with the cost of rent and higher mortgage payments.
4. Once the home is sold, the buyer will never owe money to the CLT.
5. There is a monthly $40 lease fee. While this fee could increase according to the lease agreement, this
has not happened in since the CLT started in 2006.
6. HOMEOWNER’S ARE ABLE TO ENJOY THEIR PROPERTY AS IF IT WERE THEIR OWN. Diamond
State, CLT only requires permission to make structural changes to the home or additions to the property, i.e. adding a deck, shed, pool, etc. This is only because we have to ensure the proper municipal requirements are being upheld AND to ensure the homeowner is aware of how these changes can have a positive or negative impact on the home. It is possible that significant structural changes can be denied – i.e. adding square footage to the home, removing walls that would decrease the number of bedrooms, etc.