Detroit’s Down Payment Assistance Program
As mentioned in today’s Shannon’s Scoop, if you’re looking to be a homeowner, but have had issues coming up with a down payment, then Detroit’s Down Payment Assistance Program is here to help.
If you’re looking to purchase a home in Detroit and need help with the down payment, there’s great news. Round two of Detroit’s down payment assistance program is now open! In the last round, 434 long-time Detroit residents received assistance, enabling them to become homeowners instead of renters. This round aims to help another 300 people.
The program offers up to $25,000 in down payment assistance for low to moderate-income residents who currently pay as much in rent as they would in a mortgage.
What Is Needed To Apply For Detroit’s Down Payment Assistance Program
To apply, you need to:
- Find a lender and get pre-qualified for a mortgage
- Find your home and have a signed purchase agreement
- Take a homebuyer education class
- Apply for the Down Payment Assistance (DPA) program
For more details, eligibility requirements, and to apply, visit DetroitDPA.org or call the Detroit Housing Resource Helpline at 866-313-2520 (option 3 after the language prompt).
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Hear Shannon’s Scoop Monday through Friday at 6:50 AM and 8:50 AM on The Morning Bounce