City of Aurora - (HOAP) for First-Time Homebuyers

Aurora's Home Ownership Assistance Program (HOAP) is dedicated to making affordable housing a realization for low- to moderate-income families in the city of Aurora

Available Assistance
The Home Ownership Assistance Program offers first-time homebuyers up to $10,000 in financial assistance with zero interest in order to help offset down payment and closing costs. This assistance comes in the form of a silent second loan that is due at the sale or refinancing of the property, or when it is no longer occupied as the borrower’s primary residence.
 
Eligibility Requirements
In order to be eligible for HOAP, all applicants must be first-time homebuyers who fall under 80% of the area median income (limits shown below). All applicants must contribute a minimum of 1 percent of the purchase price from their own funds, and attend an on-site, approved homebuyer education workshop. Assistance is only granted after a one-on-one appointment. No other down payment programs are allowed to be used in conjunction with HOAP.
 
Property Requirements
Any property purchased with HOAP funds must serve as the borrower’s primary residence, must be located within the city of Aurora, and must fall within the program’s purchase price limit of $332,000. Eligible property types include single-family residences, condominiums or townhomes. A full written inspection report is required on all properties, as well as a Lead Hazard Screen on pre-1978 properties.
 
Income Limits
All applicants must fall under 80% of the area median income
1-person household: $52,000
2-person household: $59,400
3-person household: $66,850
4-person household: $74,250
5-person household: $80,200
6-person household: $86,150
7-person household: $92,100
8-person household: $98,050

Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.