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Julie Montgomery's Blog

By Julie Montgomery | Agent in Denver, CO
  • Aurora Home Ownership Assistance Program gives renters HOPE (HOAP)

    Posted Under: Home Buying in Aurora, Financing in Aurora, Rent vs Buy in Aurora  |  May 25, 2013 10:06 AM  |  576 views  |  No comments

    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.  

    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.  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 jmontgomery044@gmail.com. There's more information on my website, www.jmontgomery.com.  Thanks and good luck!

    Julie Montgomery
    CEO & Managing Broker
    Elite Denver Home Sales, LLC
    Greenwood Village, CO  80111

 
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