Aurora HOAP – Downpayment for First Time Home Buyers

Downpayment Assistance – First Time Home buyer – Aurora Home Ownership Assistance Program (HOAP)

With more than 314,000 residents, and located adjacent to the state capitol, the city is the third largest in Colorado and the 58th largest in the United States. Founded in 1984, the city of Aurora’s Home Ownership Assistance Program (HOAP) is dedicated to making affordable housing a realization for low to moderate income families in Aurora.

Facts about Aurora Home Ownership Assistance Program :

* Location: Must buy a property in the City of Aurora

* Where to go for more info: Here is a link to Aurora’s official website* 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

* Money in form of 2nd Lien

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

1. Meet with Aurora HOAP approved lender and apply for a mortgage.

2. Meet with Aurora HOAP Housing Counselor (Your approved lender will facilitate all paperwork)

3. Attend a mandatory first time home buyer seminar

4. SHOP FOR HOUSES

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

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About Pete Doty

As a Realtor® Pete has been working in the Denver residential market since he first started in 1985, and focusing primarily in the south end of town. He finds the client the home they want, and then help them sell it when they want to move. Marketing is really where his heart is, and making sure his clients’ interests are watched over in Littleton, Highlands Ranch, Parker, Castle Rock, Centennial, Englewood, Morrison or Denver. His web site www.DenverRelocation.com ranks high in search rankings and generates numerous relocating buyers each year. Talk to Pete for a unique perspective on today's real estate market in Denver.
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