OIL Program Requirements
Welcome to the Opportunity In Living Affordable Housing Program! O.I.L. is a HUD approved non-profit organization now participating in HUD's direct sales program in the Metro Denver area. They purchase homes at a discount rate and this allows us to pass the savings along to low and moderate income buyers. We would be happy to assist you with the purchase of your home. We hope that this is the right home for you. As a participant of our Program, there are certain criteria that you will have to meet.
PROGRAM APPLICATION REQUIREMENTS:
1. Your offer should include the following:
a. The "Contract to Buy and Sell"
b. Pre-Approval Letter from one of OIL's preferred Lenders (see the "Mortgage Center " link").
c. The OIL Addendums (see the "OIL Addendum" link)
(1) OIL Affordable Housing Application
(2) Buyer Income Verification Worksheet - total household income (not just those on the loan)
must be at or below the maximum income limits posted below.
(3) Affidavit of Primary Residence - You must be a “Owner Occupant”. You agree to occupy
the home within sixty (60) days of purchase and to make it your primary residence for at
least one year.
(4) Addendum A
d. Federal Tax Return for 2010
e. Federal Tax Return for 2011
f. Pay Stubs or verification of income for the last three months.
g. Copy of your Earnest Money Check
2. "Opportunity in Living" cannot pay Buyer's Closing Cost and/or Pre-paid Expenses.
3. Buyer needs to submit the following after Contract acceptance:
a. A copy of the Appraisal of the subject house when it becomes available.
b. Their "Truth-in-Lending Disclosure Statement"
c. A copy of their "Uniform Residential Loan Application" (form 1003)
LOW TO MODERATE INCOME: Your income must be below 115% Area Median Income (AMI) for the county in which you are purchasing your home. These income amounts are determined by the Department of Housing and Urban Development on a yearly basis. The income limits are shown below:
Household Size 1 2 3 4 5 6 7
Household Income $ 63,897 $73,025 $82,153 $91,209 $98,541 $105,872 $113,131
