We didn't know what this was either until we found our house. Since we are first time home buyers and we don not have a huge sum of money, there are a number of great programs designed to help us afford a home. We found out about Rocky Mountain Community Land Trust on our way to see the house. Pretty much its a program that fixes up homes and then enters into an agreement with the homeowner where they take out a mortgage on a portion of the property owning the "land" in order to lower the amount of the loan that the home owner needs to take out.
There are a couple of interesting things with this, since they will own about 30% of our property value, we pay them a small fee each month, but we do not have to pay mortgage insurance. Also when we go to sell they take a bigger chunk of the appreciation value, but the money is rolled back into the house for the next first time home buyer in the program. We are also able to make whatever improvements we want to the house and the property. We weighed the pros and the cons and feel like its a good fit for us. We are glad that the home will stay in the program to assist first time home buyers, and we know that because of the program when we do decide to sell, the home will go relatively fast (our house was on the market for less then 10 days when we found it). We are so glad that there are programs like this to help people like us!
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