CLTS Annual Membership and Application Fee ($15 per adult person): Annual membership dues must be paid at the time of application, if not before. This non-refundable fee supports COMMUNITY LAND TRUST OF SCHENECTADY operations and supports staff time to process your application.

Commitment fee ($25 per household): The commitment fee is due when you acknowledge receipt of the Letter of Intent from COMMUNITY LAND TRUST OF SCHENECTADY. This fee is non-refundable, but will be credited toward the required 3% down payment. The fee is imposed to support project costs and to establish a committed relationship with CLTS.

Earnest Money Payment (Approximately $500): The exact amount of this payment will be equal to one month's payment. This payment is due when signing Lease to Purchase Contracts. The fee is non-refundable if you do not qualify for a mortgage or when you exercise an option to withdraw from your lease/purchase agreement but it will be credited toward the required 3% down payment.

Home Inspection ($200-$300): COMMUNITY LAND TRUST OF SCHENECTADY requires a full home inspection by an ASHI certified inspector. CLTS and will provide you with a list of certified home inspectors. You and CLTS will negotiate the results of the home inspection with the seller prior to making a formal loan application to the bank. This non-refundable amount is in addition to your required 3% down payment.

Monthly Lease Payment (Varies): This payment is estimated to be about what the mortgage payment will be once the home is purchased. A portion of this payment will be set aside for future purchase of the leased property. It is non-refundable if the Lease/Purchase is terminated for any reason.

Mortgage Application Fees (Varies): Mortgage application fees are paid to, and determined by, the bank from which you are obtaining a mortgage. These fees are paid to process your application. Currently SEFCU has chosen to waive its mortgage application fee.

Balance of the 3% down payment requirement (Varies): This is your actual down payment on the purchase of your home. It will vary based on the purchase price of the house. The amount of this payment is 3% of the purchase price, less other payment previously made.

Homeowner's Insurance ($250-$600): One full year of homeowners insurance is purchased once a closing date is set. This rate varies based on amount of coverage and insurance company chosen. You should shop around for quotes.

Closing Costs ($3000-$4200): These costs include: escrow fees, title insurance, property taxes, appraisal, recording fees, ground lease and legal fees. A small portion of these costs will be covered by purchase set aside. You can also apply to the city's down payment program.

Also be aware of the other costs associated with moving in to your own home!