As rent in the Denver Metro area continues to skyrocket, the city of Aurora makes affordable housing a reality for low-to-moderate income first-time home buyers.
The down-payment assistance program, called HOAP (Home Ownershhp Assistance Program) provides home buyers with 5 percent of the purchase price or $10,000 (whichever is less) toward down payment and closing cost assistance. Â
Facts about HOAP:
* Location: Must buy a property in the City of Aurora
* Where to go for more info: www.auroragov.org
* Property must be a single family home, condo, or townhome
* Borrower to receive a maximum of 5% of purchase price or $10,000, whichever is less (remember this is based on financial picture of borrower) towards down payment and all allowable HOAP closing costs
* Definition of first time home buyer (HOAP): someone who has not owned a home in 3 years
* The loan for the 5% or $10,000 is a:
o 30 year loan
o At 3% interest
o No payments made for 5 years
* Minimum Amount Down is based on buyer's ability to pay own costs of 1% towards the transaction
* No Co-Borrowers
* Can be used in conjunction with other programs e.g. FHA, FHA 203K
* Like all programs, Aurora HOAP is subject to fund availability.
Steps toward Home Ownership:
1. Meet with Aurora HOAP approved lender and apply for a mortgage.
a. To apply online: www.limetreelending.com
2. Meet with Aurora HOAP Housing Counselor (Your approved lender will facilitate all paperwork)
3. Attend a mandatory first time home buyer seminar
4. Contact an experienced Buyer's Agent who knows the area and understands this HOAP program. Â That service is always 100% free, as realtors are always paid by the seller.
Income qualifications guidelines apply and are subject to change without notice
Maximum Annual Income
FAMILY of 1 $42,500
FAMILY of 2 $48,600
FAMILY of 3 $54,650
FAMILY of 4 $60,700
FAMILY of 5 $65,600
FAMILY of 6 $70,450
If you have questions or would like more information, please contact me at 303-906-3150 or email firstname.lastname@example.org. There's more information on my website, www.jmontgomery.com. Â Thanks and good luck!
CEO & Managing Broker
Elite Denver Home Sales, LLC
Greenwood Village, CO Â 80111