Aurora expands program offering financial assistance to homebuyers, tell me about this news in (https://www.chicagotribune.com/2026/09/28/aurora-expands-program-offering-financial-assistance-to-homebuyers/)
28-09-2026
The report covers the City of Aurora, Illinois expanding its financial assistance initiatives to help prospective buyers overcome the upfront hurdles of purchasing a home amid elevated market prices and borrowing costs.
Key details of the expanded program:
Financial Assistance Amounts: Eligible homebuyers can receive up to $27,000 in combined assistance, structured to help cover down payment costs, closing costs, and eligible property repairs.
Income Limits: The expansion widens the eligible income threshold up to 120% of the Area Median Income (AMI), depending on household size, allowing more moderate-income households to qualify alongside lower-income applicants who receive priority.
Property & Loan Criteria: The home must be purchased within Aurora city limits to serve as the buyer’s primary residence. Applicants are required to obtain pre-approval for a qualifying 30-year fixed-rate mortgage through an approved lender and complete a certified homebuyer education course.
Objective: The program seeks to make sustainable homeownership achievable for first-time buyers and working families, turning long-term renters into property owners and stabilizing local neighborhoods.