With $500, good credit, and a reasonable income, buyers can move into a spacious single-family home at either HomeTown Aurora or the Reserves at HomeTown. There’s no catch.
People who qualify for an FHA loan can purchase a $168,000 home with $500 down, and monthly principal, interest, property tax, and insurance payments will remain at $1,200 for 30 years. This is assuming the interest rate hovers around 6 percent – if it drops (very likely) the payments will be even less.
“We don’t put people into homes that they can’t afford,” said Mike Venetis, vice-president of sales and marketing for Bigelow Homes. “This is the chance of a lifetime for people to safely buy their first home.”
Most people can afford a home worth about three times their total annual income. This assumes a moderate amount of other long-term debt such as student loans and car payments. With no other debt, buyers can afford a home worth four to five times their annual income.
The homes offered in this program are early delivery homes – meaning the buyer must close in 90 days or less. There are currently five early delivery homes available.
At HomeTown Aurora, the Barber Shop home is priced at $168,500 and includes two bedrooms and a loft, 1 1/2 baths, 1170 square feet, and a two-car attached garage. This home includes a covered entry, upgraded cabinets, a refrigerator, washer and dryer, and air-conditioning The Barber Shop plan will be available in 45 days.
The 1,750-square-foot School House model home, priced at $229,000, includes three bedrooms and a loft, 2 1/2 baths and a two-car attached garage. This upgraded home features a double porch, a luxury master bath, a family room with a double-sided fireplace, a living room, an eat-in kitchen and a dining room. A fully landscaped yard is also included. This home will be available in mid-May.
The Carriage House model home, with 1,830 square feet, a large yard, and priced at $252,300, includes three bedrooms and a loft, 2 1/2 baths, and an attached two-car garage. This professionally decorated home features hardwood floors and upgraded cabinets, a family room, a flex room, an eat-in kitchen, and a full basement. Ask about availability.
At the Reserves at HomeTown, the convenient Gazebo split-level home, with 1,613 square feet includes three bedrooms, three baths, and an attached two-car garage. The great room features a vaulted ceiling, and the eat-in kitchen includes an island. It’s priced at $202,132. This home will be available in late July or early August.
A second Gazebo at the Reserves at HomeTown includes 1,613 square-feet, has three bedrooms, three baths, and a two-car attached garage. This home is priced at $202,982. Like all Gazebo homes, the split-level design makes this a great home for either a roommate or an in-law suite.
This home will be available in September.
To get to HomeTown Aurora, take Route 59 to Ogden Avenue, west to Montgomery Road, then north one mile.
The models are open Saturday, Sunday and Tuesday from 10 a.m. to 6 p.m.; Monday and Friday from noon to 6 p.m.; and closed Wednesday and Thursday. No appointment is necessary.
For more information on HomeTown Aurora, call 630 898-2778 or visit www.bigelowhomes.com/HomeTown_Aurora.
