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Down Payment Assistance

Loan Programs 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 Aurora. The loan program offers up to $10,000 in financial assistance to help qualified, first-time homebuyers cover down payment and closing costs.

First-Time Homebuyers Summary

Below are the details for you, whether a potential first-time homebuyer, a lender or a realtor.

  • Assistance for the minimum required down payment, depending on the loan program and all allowable closing costs under HOAP guidelines up to a maximum of $10,000.

  • Assistance is currently at 0 percent interest

  • Assistance is limited to only HOAP; no other down payment programs are allowed

  • Assistance requires the first-time homebuyer to contribute from their funds a minimum of 1 percent of the purchase price towards the transaction

  • Assistance requires a one-on-one appointment. Call 303-739-7900 to schedule a one-one-one appointment.  

  • Assistance requires attendance of an approved homebuyer education workshop from one of the participating agencies found on the website (click on “Homebuyer Education”)

  • Assistance requires a professional home inspection on the property

  • Assistance requires a Lead Hazard Screen on pre-1978 properties

  • Assistance is a silent-second loan due at sale, property is no longer the primary residence or when refinancing with cash out; no monthly payments required

  • Assistance excludes buy downs, commissions, and/or points

  • Assistance is not available on an occupied rental property  

Buyer Eligibility

Buyer meets HUD maximum income restrictions by household size: (This is defined as the number of people residing in the home including, but not limited to, all minor children, spouses, fiancés, roommates, relatives.)  Updated as of June 1, 2021.  

Number in household

Maximum Income allowed

1 person $62,600
2 people $71,550
3 people $80,500
4 people $89,400
5 people $96,600
6 people $103,750
7 people $110,900
8 people $118,050


Buyer needs to qualify for the first mortgage according to the financial institutions guidelines. Purchase price limit currently $382,000.

  • Buyer needs to be under 80 percent median income (as shown above). The city of Aurora projects out income for a 12 month period based on both pay stubs and verification of employment (VOE). We will project the income based on future raises if stated on the Verification of Employment. Please feel free to call us to review specific situations.

  • Borrowers are allowed to have limited reserves ($15,000.00 maximum).

  • Buyer may not have owned a home within the past three years, as evidenced by providing copies of at least three years tax returns.

Borrower Requirements

The borrower is required to attend a one on one virtual or phone counseling session with a housing counselor.  The borrower(s) is required to obtain a Homebuyer Education Certificate from one of the participating agencies found on the website.  HOAP reserves the right to refuse any loan based on any reason management deems appropriate. Written notice of loan denial will be provided.

Property Eligibility/Seller Requirements

  • Property must be located within the city of Aurora.

  • Property must be a Single Family Residence, Condominium or Town home.

  • A full written inspection report is required by an inspection company on all properties. We will review this inspection for all health and safety items. Proof of repairs is required (receipts, etc.) prior to closing. In other words, we are unable to accept inspection conditions at the closing table.

  • Market value/purchase price is set through the financial institution’s appraisal.

  • A lead hazard screen is required on all pre-1978 properties.

  • Because of HUD Regulations, (Handbook 1378, Tenant Assistance, Relocation and Real Property Acquisition Chapters 2 and 3), the City of Aurora Home Ownership Assistance Program cannot assist if the purchase of the property is renter occupied. In other words, THE PROPERTY NEEDS TO BE OWNER OCCUPIED AT THE TIME THE CONTRACT IS WRITTEN, OR IF VACANT, SELLER MUST PROVIDE EVIDENCE THAT THE TENANT WAS NOT DISPLACED.

  • The Voluntary Acquisition Letter must be signed and dated by all sellers 24 hours prior to closing. In other words, we are unable to accept the Acquisition letter at the closing table.

In accordance with HUD Regulations Handbook 1378, Chapter 5, Section 1,the city of Aurora must inform the seller that the city of Aurora will not use its power of eminent domain to acquire the property if negotiations fail to result in an amicable agreement. Prior to the closing of the sale, the city of Aurora will provide the seller with a written estimate of the fair market value of the property.

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