Lender Resources

Several important legal documents and Fannie Mae guidelines specific to the Island Housing Trust ground lease are available below for mortgage lenders working with homebuyers purchasing from the Trust. Additional information published by Fannie Mae selling for leasehold mortgages can be found at  the Fannie Mae website.

IHT Model Ground Lease
This is an example of the Island Housing Trust 99-year ground lease that is based on the Institute of Community Economics Model Ground Lease, as well as exhibits to the Lease including: Letters of Stipulation and Acknowledgement of Lessee and Lessee’s Attorney, Legal Description, Right of First Refusal, Bill of Sale and Deed, and Permitted Mortgage.

Lending Criteria for IHT
Lenders making mortgages on IHT properties must complete the Trust’s lending criteria form.

IHT Permitted Mortgage Agreement
This sample document is an agreement between the IHT and the mortgagor based on the terms of a “standard permitted mortgage” as defined in the IHT ground lease.

Fannie Mae CLT Fact Sheet (June 2015)
Fannie Mae and Community Land Trusts (CLT) are teaming up to provide mortgage finance solutions that create and preserve long-term affordable housing. This document explains the product feature underwriting and resources.

Fannie Mae CLT Checklist (June 2015)
Fannie Mae checklist should be used to help determine whether mortgages on Community Land Trusts (CLT) properties comply with Fannie Mae eligibility requirements.

Fannie Mae Selling Guide – B5-5.1-04: CLT (August 2014)
This FNMA guide contains information concerning mortgage loans secured by a leasehold estate on property owned by a community land trust.

Fannie Mae Selling Guide – B4-1.4-06: CLT Appraisal Requirements (April 2014)
This FNMA guide contains information on special appraisal considerations for properties subject to a community land trust.

Fannie Mae Uniform CLT Ground Lease Rider (Form 2100)
If the lender wants to sell the mortgage to Fannie Mae, this rider must be executed to ensure the IHT ground lease is in conformance with Fannie Mae’s guidelines for Community Land Trust mortgages.