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.