The City of Detroit Down Payment Assistance

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Buying

 

 Up to $25,000 for:

o    Down Payment.

o    Prepaids.

o    Closing costs.

o    Principal reduction.

o    Interest rate buy-down.

·         The total household income for applicants cannot exceed the following income limits per household size:

o    1 person household $45.180

o    2-person household $61,320

o    3-person household $77,460

o    4-person household $93,600

·         1–2-unit principal residence only.

·         Must have resided in the City of Detroit for last 12 months (City of Detroit will verify with Driver’s License, tax returns, request copy of current lease etc.).

·         Must purchase in the City of Detroit

·         Total assistance amount cannot exceed 50% of the purchase price.

·         Must not have owned a home in past 3 years.

·         Must contribute $1,000 of your own funds.

USEFUL LINKS

·         Press announcement: https://www.detroitnews.com/story/news/local/detroit-city/2024/06/27/detroit-duggan-biden-administration-announce-new-housing-assistance-down-payment-2024/74225454007/

·         City of Detroit program website: https://detroitdpa.org/

·         FAQ:  https://detroitmi.gov/departments/housing-and-revitalization-department/detroit-down-payment-assistance-program/how-does-it-work

WHAT IS NEEDED TO RESERVE ASSISTANCE FUNDS

1.      Preapproval from a participating lender.

2.      Fully executed purchase agreement.

3.      Copy of certificate for homebuyer education class.