It is important to know that your pre-qualification letter amount covers the purchase of the home and the renovation costs. tcfbank.com/personal/mortgage/heart-and-home. Looking for a little extra support with closing costs, such as title insurance, appraisal fees or credit report costs? You can take the course by watching the video below, and following the instructions at the end. of the Detroit Home Mortgage program. Huntington supports the Detroit revitalization. Of the 703 homes in Detroit purchased with mortgages in 2016, our homeownership programs assisted with 10% through our homebuyer education workshops, our Detroit HomeLIFT program, or our partnership with Detroit Home Mortgage. Events. Huntington will pay certain closing costs for borrowers that utilize the Detroit Home Mortgage Program. Applicants must be in good financial standing with a minimum FICO credit score of 600, have adequate income, and the required down payment. This page will provide you with the educational resources that you will need to obtain a Detroit Home Mortgage. Detroit Home Mortgage is a first of its kind collaboration of local banks, foundations, MSHDA, and nonprofits seeking to address Detroit’s appraisal gap. Detroit Home Mortgage. 13K likes. Once you have finished with the course, contact one of the Homebuyer Counselors below for the next steps. Douglas Procunier | Greater Detroit Area | Program Administrator for the Detroit Home Mortgage Program | 179 connections | See Douglas's complete profile on Linkedin and connect Independent Bank supports the revitalization of Detroit. Click on a marker to get more information, including price and year the home was built. A news release today said Duggan and others will announce the Detroit Home Mortgage initiative, which it described as “a new mortgage to address Detroit’s appraisal financing gap … Click here for a printable version of the training video. © Detroit Home Mortgage. Dates and times are subject to change. Learn more about how we help prospective homeowners here. 248-607-5397 | communityhousingnetwork.org, 313-873-0064 | centraldetroitchristian.org. Detroit Home Mortgage borrowers must complete classes in homebuyer education and the financial risks involved in borrowing more than the appraised value of a home. All Detroit Home Mortgage resources. Conducts continuing education and state certification courses. All rights reserved. “We will provide education to qualifying borrowers who would like to buy and renovate a home in Detroit,” said Hector Hernandez, executive director of Southwest Economic Solutions, a homebuyer counseling agency. In 2016, Kresge partnered with nearly a dozen other funders, banks and nonprofits to launch Detroit Home Mortgage, a financing product to help address and close the appraisal gap in Detroit’s neighborhoods. The Detroit Home Mortgage (DHM) program is set up through five banks—Huntington, Chemical, Independent, Liberty, and Flagstar—to … 6:30pm on May 19 2017. Independent Bank offers a grant for up to $1,000 towards closing costs for eligible DHM borrowers. The new TCF Bank closing cost assistance program is here to help. Home sale prices are rising fast in some city of Detroit neighborhoods and making it easier for ordinary buyers to finally get a mortgage and not rely on all-cash deals or risky land contracts. Anyone who wants to purchase a home to live in within the city limits of Detroit can apply for a Detroit Home Mortgage. DHM's High CLTV course is one of the two courses you will need to obtain a DHM loan. Current and potential Detroit Home Mortgage borrowers can reach out to one of our homebuyer counselor partners to take the required homebuyer education course. This page will provide you with great information on the many Down Payment Assistance Programs that are available for use with Detroit Home Mortgage. Completing a homebuyer education course or workshop is a required component by most lenders and all down payment assistance programs. A DHM Representative will present an overview of the process, identify roles and responsibilities, and provide tips on how to choose the right contractor. Properties can be located anywhere in the City of Detroit. Grant funds are subject to availability. Hosted by Brick + Beam Detroit. Here is a list of common acronyms that are covered in the video: Current and potential Detroit Home Mortgage borrowers can reach out to one of our homebuyer counselor partners to take the required homebuyer education course. Interested. You may pause the video at any time or restart at any time. In an effort to respond to the immediate needs of Michigan residents, Wayne Metro is implementing our CARES Relief & Recovery Services. © Detroit Home Mortgage. Please see tcfbank.com/personal/mortgage/heart-and-home for more information. Zillow has 2,660 homes for sale in Detroit MI. More than a year ago. This allows the borrower to enjoy the benefits of a new home without the worry of paying certain closing costs. Detroit Home Mortgage Finance Financing Mortgage Propety Taxes. Independent Bank is proud to partner with the Detroit Home Mortgage program. As a Michigan … View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Through Detroit Home Mortgage, qualified borrowers can receive mortgage financing well above appraised values, including up to $75,000 for needed renovations. All rights reserved. As a participating lender, we offer a variety of solutions that can assist in financing homes in the City of Detroit. Detroit, Michigan. Detroit Home Mortgage. Detroit Home Mortgage borrowers must complete classes in homebuyer education and the financial risks involved in borrowing more than the appraised value of a home. Friday, May 19, 2017 at 6:30 PM – 8:30 PM EDT. Take some time to review the available programs and please contact one of the program partners below for more information. In 2015, Community Reinvestment Fund, along with local, state and national partners committed to launch the Detroit Home Mortgage to provide $40 million in second mortgages to fund necessary repair and rehab activities for 1,000 homebuyers in Detroit over the next three year. “The Detroit Home Mortgage program seeks to reverse this trend by providing residents the borrowing power to both purchase a home and to renovate and invest in that home.” “This is a game-changer for Detroit,” said Detroit Mayor Mike Duggan “We are confident that Detroit Home Mortgage will increase homeownership in the city of Detroit. 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