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  Community Home Buyer's Program:

An alternative financing option that allows households of modest means to qualify for mortgages using nontraditional credit histories, 33 percent housing-to-income and 38 percent debt-to-income ratios, and the waiver of the usual two payments cash reserves at closing.

Community Home Improvement Mortgage Loan:

An alternative financing option that allows low-and moderate-income home buyers to obtain 95 percent financing for the purchase and improvement of a home in need of modest repairs.

Community Land Trust Mortgage Loan:

An alternative financing option that enables low- and moderate-income home buyers to purchase housing that has been improved by a non-profit Community Land Trust, and to lease the land on which the property stands.


A form of property ownership in which the homeowner holds title to an individual dwelling unity plus an interest in common areas of a multi-unit project.


A condition that must be met before a contract is legally binding.

Conventional mortgage:

Any mortgage that is not insured or guaranteed by the federal government.

Convertible ARM:

An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.


A form of common property ownership in which the residents of an apartment building do not own their own units, but rather own shares in the corporation that owns the property.


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