Buying a Detroit home just got easier.
Mayor Mike Duggan and major lenders on Thursday announced what they're calling a historic new mortgage lending program, the Detroit Neighborhood Initiative, that will break down most barriers to financing for aspiring home buyers, a news release says.
The program will require no down payment, no closing costs, no credit check, no fees or points. Participants include the Bank of America, Boston-based Neighborhood Assistance Corporation of America and Detroit-based Opportunity Resource Fund..
The program is designed to address some major obstacles to buying homes in the city and help stabilize neighborhoods., Guy Gordon reports at WDIV. The city says 90 percent of the people last year couldn't get mortgages in Detroit and had to pay cash. Because many homes were too run down and cheap, banks often wouldn't offer mortgages.
"We believe Detroit will be the model for the nation in stabilizing neighborhoods," says Bruce Marks, of the National Assistance Corporation of America (NACA). "If you want to be a homeowner, we'll guarantee if you stick with this program it will happen. We don't look at your credit score, we look at your individual circumstances."
People who want to pre-qualify can attend a workshop a week from Saturday, April 25 at Pure Word Missionary Baptist Church from 9:30 a.m. to 1 p.m. Register here.