OakCLT Home Sale Process
Updated May 2024
If you are interested in purchasing a home within the Oakland Community Land Trust (OakCLT), you arelikely wondering what to expect the process to look like. How long does it take? What do I need to do?
How does OakCLT determine who gets to purchase a home? Our home sale process includes 7-8 key
phases, each of which involves several steps:
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2.
3.
4.
5.
6.
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8.

Prepare for Homeownership
Review Available Home(s)Submit Application
OakCLT Screens Applicants for Baseline Eligibility + Selection CriteriaOakCLT Identifies Buy + Enters into Contract
City Reviews Buyer (if City Assisted Project)
Prepare for Closing
CLOSE!

Each phase and step is described below in detail. We recommend that you review the OakCLT Homebuyer
Selection Criteria & OakCLT Purchase Manual in conjunction with this document. If you have any further
questions please reach out to us at apply@oakclt.org.

1. Prepare for Homeownership1
a. Attend OakCLT Homebuyer 101 Info Session■ This is required for all primary buyers. If there is a co-buyer, they are not required toattend but we highly recommend that they do.
b. Complete HUD-Certified 8-Hour Homebuyer Education Course■ All co-buyers must complete this.
■ Participate in 1-on-1 financial counseling to review your budget (recommended).
■ Any HUD-certified housing counseling agency that offers an 8-hour program meetsthese requirements, but we recommend A-1 Community Housing Services, Operation
Hope, or Richmond Neighborhood Housing Services because OakCLT has met withthem and they have a better understanding of the CLT model. These courses are
generally offered for free.
■ You can also pay ($99) for an online course connected to these agencies througheHome America. Note that some down payment assistance programs have additional
requirements regarding housing counseling agencies.
c. Get Pre-Approved by an OakCLT-approved lender.
■ Lenders will help you to identify and qualify for down payment assistance.
■ You must work with an OakCLT-approved lender. Applications that include
pre-approval letters with unapproved lenders will not be considered. OakCLT’sapproved lenders are:
● Diversified Mortgage Group - Contact Sam Forbes
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These items can be done in any order, and must be completed by the time the application is submitted (Step 3).

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○ (510) 427-1397○ sforbes@divmg.com● Guild Mortgage Company - Contact Sandra Smith○ (510) 301-0198○ sandras@guildmortgage.net● Tomo Mortgage - Contact Ted Volynets○ (214) 617-2354○ ted@hellotomo.com
d. Choose your Realtor. OakCLT’s realtor can represent you if you choose, though you may
want to have your own realtor to represent you as your sole agent. The choice is up to you!

2. Review Available Home(s)a. Direct your realtor to request a disclosure packet and arrange a tour of the property byemailing Stephanie Christmas - OakCLT’s realtor - at 1realchristmas@gmail.com.
b. Review all disclosures.
c. Determine if you qualify and if you would like to apply.

3. Submit Application
a. Read all included disclosures.
b. Prepare OakCLT Homebuyer Application, which will include:■ Name, address, contact information, household size, household income, assets, andsupporting documentation.
■ Additional questions regarding OakCLT Homebuyer Selection Criteria, with supporting
documentation. See Homebuyer Selection Criteria for more information.
■ Attachment of certificate(s) of completion for HUD-certified 8-hour Homebuyer
Education Course (for all borrowers)■ Attachment of Pre-Approval Letter from OakCLT-approved lender. Please note thatlenders need ample time to receive and process your loan pre-approval application andyour supporting documents before they can issue a pre-approval letter to you and anyother applicants for an OakCLT housing opportunity. While lenders may have someflexibility, we highly recommend that you submit all of your documentation to yourlender(s) of choice at least 10 days before OakCLT applications are due. Lenders
reserve the right to not process your application if you do not give them ample time
to do so. OakCLT does not require that you get pre-approval for down payment
assistance programs before OakCLT’s application deadline.
■ Signed Authorization to Release Information. This allows OakCLT to share information
with your lender, housing counseling agency, and the City (if applicable).
c. Submit completed application online or mail to:
OakCLT ATTN: Application
101 Broadway, Suite 310
Oakland, CA 94607

4. OakCLT Screens Applicants for Baseline Eligibility + Selection Criteria
a. OakCLT reviews each applicant’s information and verifies that they:■ Can qualify for a mortgage2

■ Are at or below 80% AMI based on reported income & household size
■ Have enough funds to cover the down payment requirement■ Have enough funds to cover closing costs■ Have a debt-to-income ratio under 40-45% (depending on specific requirements)■ Meet minimum household size requirementsb. If any applicants appear to not meet baseline eligibility, OakCLT will contact them throughemail and/or phone to notify them of which criteria they did not meet and offer an
opportunity to respond and clarify any discrepancies.
c. All eligible applicants have their prioritization points totalled, creating their Selection
Criteria Score (SCS). This process may take 5-8 days depending on application volume.
d. OakCLT arranges applicants in order of most scored points to least based on their SCS.
e. The top scoring set of applicants will be directed to CalHome for pre-approval as OakCLT
further processes their documentation.

5. OakCLT Identifies Buyer + Enters into Contracta. Top scoring applicants are contacted and have 3 business days to respond to any request
for additional documentation. OakCLT will move to the next ranked applicant if:■ Applicant does not respond■ Applicant does not submit documentation within timeframe■ After reviewing documentation, OakCLT determines that applicant does not meetbaseline requirements■ After reviewing documentation, OakCLT determines that the applicant does not meetapplicable selection criteria and must be re-ordered based on a lower accurate SCS.
b. This may take an additional 5-10 days depending on the range of scores and applicant
responsiveness, after which the approved highest scoring applicant is invited to meet with
OakCLT Staff to ask any questions and review the CLT model.
c. Applicant receives formal invitation to submit a contract to purchase the home.
d. Applicant has 3 business days to submit a contract to purchase.
e. If the home is a City Assisted Project, the contract to purchase must include a contingencyfor City approval (see Phase 6, which happens parallel to Phase 7 below).

6. City Reviews Buyer (if City Assisted Project)a. When a home has an affordability agreement with the City of Oakland, the City must
approve the sale to OakCLT’s identified buyer. The City will review Buyer’s householdincome, household assets, and Buyer’s loan terms to ensure everything aligns with therequirements of the home's affordability agreement.
b. Additionally, the City requires the signed submission of:■ Lender Application■ Buyer Application■ Signed Program Disclosure■ if applicable, Statement of No Income, Income Tax Affidavit (if household has adultnon tax-filers), Spousal Acknowledgement (if Buyer’s spouse will not be on title).
c. Your lender will assemble and submit this packet for you.
d. Once the completed packet is received, the City will issue an approval letter in 4-10
business days.

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e. See City of Oakland Supplemental Homeownership Programs Manual for BMR for moredetails.

7. Prepare for Closinga. This is where your realtor, lender, and the title company work together to steward you
through the purchase process, which includes, but is not limited to:■ Open escrow & deposit earnest money (1% of purchase price) within 3 business days
■ Apply for additional funding programs (e.g. WISH)■ Property Appraisal■ Finalize Lender Financing■ City Reviews Documentation & Approves Purchase (if a City-funded project).
■ Find homeowners insurance
b. Buyer can request additional meetings with OakCLT if questions arise.
c. Contract period is estimated to be 45-60 days.

8. CLOSE!
a. Applicant becomes an OakCLT Homeowner!
b. OakCLT retains ownership of the land and provides additional support to homeowner(s) asneeded, keeping the property affordable for future residents.

Future Opportunities
OakCLT does not maintain a waitlist for single-family and limited equity condominiums, but applicants whoapplied for an opportunity but did not receive housing will be notified of future housing opportunities andreceive more points as part of the OakCLT Homebuyer Selection Criteria.

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