The media would like you to believe that loans are impossible and there is no more down payment assistance for home buyers. That is simply not true. For the first time home buyer (which really means not owning a home for 3 years) there are several great options to get into a home with very little down.
Aurora has a program called HOAP. It stands for home ownership assistance program. This program is free and offers two classes that educate the buyer about the process and how to make sure they do not end up in foreclosure. The best part is that the buyer only has to come up with 1% of the price of the home for a down payment. HOAP then provides the rest of the down payment and loan closing costs in the form of a loan. This loan is added to the first loan but no payments are made and it is only payed back when you sell the home.
HOAP is a great program. For more information feel free to contact me or call HOAP directly at 303-739-7900.
Today, Aurora is one of the all time best places to buy. Homes that were in the $200,000.00 price range just a few years ago can be bought for under $150,000.00. First time buyers who could not afford a home two years ago can now buy a three bedroom, two bath home with a two car garage and have payments cheaper than apartment rent!
Investors who are getting clobbered in the stock market are buying real estate and seeing a huge return on their investment. The beauty of real estate is the leverage. If you put 20% down on a $150,000.00 property and you get just 2% appreciation a year, you are not making 2% on your $30,000.00, you are making 2% on the $150,000.00. That is a 10% return on your money. And in this market with a little sweat equity you can see an instant profit on top any appreciation.
Financing is not as difficult as the news would have you believe. First time buyers can still find downpayment assistance from the city and the Housing and Urban Department (HUD) has a $100.00 down program. Most sellers in this market will pay your closing costs.
In just a few years, these great buys will be in the $200,000.00 again. Now is the time to buy.
Broker/Owner with 28 years experience. Specialties include aggressive marketing for sellers in a buyers market. 75% of my business now is helping investors and first time buyers take advantage of an excellent buyers market. My listing and buyer agency agreements come with terminate for any reason clauses. Testimonials available upon request.
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