Home Ownership Assistance Program (HOAP)

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Home Ownership Assistance Program (HOAP)

Pre-Purchase Counseling:

Mortgage loan processes can be confusing to first-time homebuyers. HOAP counselors help make the home purchasing process understandable by providing information needed to make well-informed choices concerning special programs available to first-time, low and moderate-income home buyers. To qualify, you must meet income and program guidelines attend a Homebuyer Education Class and contribute 1 percent to the purchase of the home. The property must be occupied by the homeowner and not used as a rental property.

Educational Seminars:

The HOAP staff provides educational seminars and fairs on an on-going basis. These seminars help potential first-time homebuyers understand the process of purchasing a home. The seminar addresses Fair Housing-related terminology, financing, credit reports, working with a Realtor and Lender, city codes, caring for a home, responsibilities of home ownership, and much more. Please check the schedule for a list of locations, dates and times.

Financial Assistance Seminars

Seminars are required when applying for financial assistance with down payment and closing costs. They are free and are available once a month. Registration is required in advance because there is limited seating. Location may be subject to change. Because these seminars are for educational purposes, we ask that you not bring children. Seminars are held at: Martin Luther King, Jr. Library, 9898 E. Colfax Ave. All classes are held on Saturdays. For reservations, call 303-739-7966 (automated line) Please follow operator prompts and you will automatically be registered for the seminar. Location may be subject to change. You will not receive a reservation confirmation (unless a change has been made to the seminar date or location) just show up at the seminar you registered for. The following is a schedule of the upcoming seminars:

Seminars for homeowners

Education seminar on buying a house Pre-Purchase Counseling: Mortgage loan processes can be confusing to first-time homebuyers. HOAP counselors help make the home purchasing process understandable by providing information needed to make well-informed choices concerning special programs available to first-time, low and moderate-income home buyers. To qualify, you must meet income and program guidelines attend a Homebuyer Education Class and contribute 1 percent to the purchase of the home. The property must be occupied by the homeowner and not used as a rental property.

Educational Seminars:

The HOAP staff provides educational seminars and fairs on an on-going basis. These seminars help potential first-time homebuyers understand the process of purchasing a home. The seminar addresses Fair Housing-related terminology, financing, credit reports, working with a Realtor and Lender, city codes, caring for a home, responsibilities of home ownership, and much more. Please check the schedule for a list of locations, dates and times.

Financial Assistance Seminars

Seminars are required when applying for financial assistance with down payment and closing costs. They are free and are available once a month. Registration is required in advance because there is limited seating. Location may be subject to change. Because these seminars are for educational purposes, we ask that you not bring children. Seminars are held at: Martin Luther King, Jr. Library, 9898 E. Colfax Ave. All classes are held on Saturdays. For reservations, call 303-739-7966 (automated line) Please follow operator prompts and you will automatically be registered for the seminar. Location may be subject to change. You will not receive a reservation confirmation (unless a change has been made to the seminar date or location) just show up at the seminar you registered for. The following is a schedule of the upcoming seminars: 2014 HOAP Income Guidelines Aurora’s Home Ownership Assistance Program (HOAP) offers a variety of housing-related counseling services as well as educational seminars and financial assistance to help qualified, first-time homebuyers. Other programs include:  commercial and home rehabilitation, emergency repair, handicap accessibility, and various public facilities projects. Since 1985, HOAP has been dedicated to making home ownership a reality for Aurora’s low and moderate-income families. As a HUD-approved counseling agency, the HOAP program offers free pre-purchase, foreclosure, pre-foreclosure sale, and reverse equity mortgage counseling, as well as financial assistance to homebuyers. The HOAP staff conducts educational seminars to first-time homebuyers (in English and Spanish), which covers the process of buying and owning a home.  It is mandatory to attend a HUD-approved homebuyer seminar prior to applying for financial down payment assistance.  HOAP staff also acts as a referral service for residents to other service providers within the community. The Home Ownership Assistance Program (HOAP) will pay down payment and all allowable closing costs under the HOAP guidelines. This can depend on the type of loan. Maximum assistance is up to $10,000 however the full amount is not guaranteed. Once HOAP has received a fully executed contract, contact the HOAP Loan Processor to receive a document checklist. Please be sure to forward us a lender package as soon as possible. Prompt return of all paperwork is essential to avoid delays in client’s closing. We require a minimum of ten (10) business days from the time we receive a complete package from you to process and issue a letter of commitment to you. If at all possible, we prefer that closing dates be scheduled for Fridays after 10:00 a.m. Please inform the title company that we will be assisting the borrower with down payment, closing costs, the amount of the assistance, and that we attend the closings. The title company will need to collect $21.00 to record our 2nd Deed of Trust with Exhibit A. This recording fee also should be shown on the settlement sheet. Our office will prepare the Promissory Note, Deed of Trust, and Truth in Lending Statement for the 2nd mortgage as well as present the documents and check at the closing. A representative from the City of Aurora will arrive towards the end of the closing for our portion. If there are changes in closing dates, times, locations of closings etc., please inform us immediately. We would hate to have your borrower not receive our assistance because we were not notified of the closing! If there are changes in the sales price or loan terms, we need to know ahead of time to verify the first mortgage financing is still within the HOAP guidelines. In order to reserve funds, the borrower is required to attend a one-on-one counseling session with our office prior to obtaining a purchase agreement. We are sorry, but there can be no exceptions. We hold a free mandatory seminar once a month which needs to be completed before closing. This seminar is conducted once a month to assist future homeowners in the purchase process (understanding terminology, credit, working with realtors and lenders, City of Aurora codes and property maintenance, etc.). Please have your clients check our website regarding the time and date of seminars. There is limited seating and reservations need to be made ahead of time. Certificates are issued after borrowers have attended the seminar. Seminar certificates are required for HOAP assistance. The seminar meets Fannie Mae, Freddie Mac, CHFA and HUD’s educational requirements. Because of HUD Regulations, (Handbook 1378, Tenant Assistance, Relocation and Real Property Acquisition, Chapters 2 and 3), the City of Aurora cannot assist if the purchase property is renter occupied. A current renter occupying the property and purchasing that property is acceptable. The tenant relocation costs are financially prohibitive to HOAP. In other words, the property needs to be owner occupied at the time the contract is written, or if the property was tenant occupied within the last three (3) months, seller must provide proof that the tenant was not displaced. Please feel free to refer customers to us that you are unable to help. We will be happy to counsel them and prepare them for home ownership. When your customer is ready for their loan, we will return them back to you. Be sure to have them say who sent them to our program. If you are interested in any of our other programs: pre-purchase counseling, foreclosure prevention counseling or reverse equity mortgage counseling (62 years and older), please contact our office. We will gladly send you a brochure or come to your office for a presentation on the Home Ownership Assistance Program. We are continually working to improve our programs. If you have any ideas to share with us, please do not hesitate to contact me. We are looking forward to working with you in the future. Please call 303-739-7900 if you have additional questions.

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