Community Home TrustRefinancing Your Home
Homeowners may refinance under the ground lease terms, with approval from Community Home Trust.
Community Home Trust homeowners who want to refinance their home
From communityhometrust.org/homeowner-support-services/refinancing-guidelines ↗About this program
Homeowners may refinance their homes according to the terms and conditions of the ground lease. These terms require the approval of Community Home Trust in order for the homeowner to refinance.
To begin your request to Community Home Trust, please review the guidelines below and fill out the Refinance Request form.
A CHT approved lender must be used for the refinance. CHT will provide a list of approved lenders once the Refinance Request form is completed and submitted.
The homeowner must contact the bank and Community Home Trust and inform both of the intention to refinance. Community Home Trust will provide the bank with an estimate of the appreciation earned from Community Home Trust by the homeowner since the date of purchase. The bank will then determine the amount of total equity the homeowner has in his home based on the figures provided by Community Home Trust as well as the amount remaining on the mortgage. The bank will disclose to Community Home Trust the total amount of the new mortgage prior to closing.
Community Home Trust will approve the refinancing under the following terms and conditions: The homeowner must be current on their Homeowner Association dues, property taxes, ground lease fees, and stewardship fees, if applicable. If the homeowner is not current on any of these items, any equity accessed through the re-financing process must first be used to bring these items current. The homeowner must have $1000.00 of equity remaining in their home after the refinancing is complete. Equity shall, for the purposes of this document, refer only to earned appreciation in the Community Home Trust program plus the amount by which the first mortgage has been reduced by homeowner payments. If a homeowner's resale formula is based on an appraisal formula, then any appraisal required to calculate equity shall be at the homeowner's expense.
Questions
Who must approve a refinance of a Community Home Trust home?
These terms require the approval of Community Home Trust in order for the homeowner to refinance.
Which lender must be used for the refinance?
A CHT approved lender must be used for the refinance. CHT will provide a list of approved lenders once the Refinance Request form is completed and submitted.
Is there a minimum equity the homeowner must keep after refinancing?
The homeowner must have $1000.00 of equity remaining in their home after the refinancing is complete.
What counts as equity for refinancing?
Equity shall, for the purposes of this document, refer only to earned appreciation in the Community Home Trust program plus the amount by which the first mortgage has been reduced by homeowner payments.
Who pays for an appraisal needed to calculate equity?
If a homeowner's resale formula is based on an appraisal formula, then any appraisal required to calculate equity shall be at the homeowner's expense.
Details
- Who
- Community Home Trust homeowners who want to refinance their home
Run by
Stewardship ProgramSome major home systems will need to be replaced over time. Because these repairs are expensive and important, all Community Home Trust homeowners join our Stewardship Program, which helps cover the cost of certain major replacements and repairs.Capital Improvement Incentive ProgramIn October 2020, we launched the Capital Improvement Incentive Program, a new program being offered to homeowners that allows them to receive a return on their investment in bathroom and kitchen remodels and window replacements.Approved Vendor ListCommunity Home Trust maintains a list of approved vendors. These vendors are insured, and CHT has inspected the quality of their work.