Qualifications to Purchase a Home

Program Description
The AEOA Development Program purchases single family homes and rehabilitates them for qualified first-time homebuyers. The program targets vacant, foreclosed, and tax forfeited homes in St. Louis, Cook, and Lake County, that would otherwise deteriorate without assistance.

 

Qualifications to purchasing an AEOA development home

  • Homebuyers must be a first-time homebuyer (or anyone who has not had an ownership interest in a principle residence in the last 3 years).
  • Family income must be at or below 80% of the area median income in St. Louis, Cook, and Lake County.
  • The homebuyer must successfully complete the homestretch workshop and complete a one to one counseling session with the homeownership counselor.

In addition to the above criteria:

  • If purchasing an AEOA development home, homebuyers must be able to access their own first mortgage from a lender and should not exceed 25% of their gross income toward their housing payment. Down payment and closing costs assistance may be available for those purchasing with cash or bank mortgage financing. Depending on the funding source to upgrade the home, a minor dependent may also be required.
  • If purchasing an AEOA development home by contract for deed, homebuyers must be unable to afford home ownership (outside of this program) and should not exceed 25% of their gross income toward their housing payment.

  

AEOA prides itself on using quality materials, attractive interior designs and efficient, reliable appliances in all of its homes.  A variety of funds and partnerships are developed with local organizations and entities that assist AEOA with stretching limited resources and reaching out to households in need.

  

If you are interested in knowing more about how you may purchase a development home, please contact:

Leah Hall
AEOA Housing Project Manager
(218)748-7358
(800)662-5711 ext.7358
This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

Check out our “Development Homes for Sale” under Housing, for current homes available for purchase.

Check out “Upcoming Homes for Sale” under Development Homes for Sale, for homes that will be available in 2013.

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