Aurora Launches Program Designed To Make Home-Buying Process More Affordable

AURORA, IL — Aurora is launching a new program designed to help make the home-buying process more affordable.

Through the Choose Aurora Homebuyer Assistance Program, prospective homeowners can get up to $20,000 in the form of a 0% interest deferred loan, up to a $5,000 closing cost grant, and up to a $2,000 minor repair grant.

To qualify for the down payment assistance and small repairs grant, buyers must be at or below 120 percent of the area's median income. For the closing cost grant, they must be at or below 80 percent of the median income, according to the city's Community Development Team.

Existing homes, single units — such as condos, townhomes or single-family homes — and new construction houses within city limits are all eligible to be part of the program, which is funded by the U.S. Department of Housing's Urban Development Community Development Block Grant and Home Investment Partnerships Program.

To apply, buyers must pre-qualify for a 30-year fixed Federal Housing Administration or conventional mortgage loan and have an offer accepted to purchase a home in Aurora.

"Choose Aurora is a great way to make the home-buying process more affordable for both current residents and those who look to move into the City," Director of Community Services Chris Ragona said in a statement. "We are excited to launch the program and to help more individuals make Aurora their home."

Prospective homebuyers who have additional questions about the program should contact Community Services Department Management Assistant Adam Grubbs at GrubbsA@aurora.il.us or 630-256-3328.