Local Home Buying Programs

Here are some programs for buying homes, unique to the Detroit area:

City of Detroit Home Improvement Loans

The City of Detroit offers 0% interest home improvement loans for Detroit homeowners. Visit their site for details.

http://www.detroithomeloans.org/

Detroit Home Mortgage Program

The Detroit Home Mortgage Program lends qualified homebuyers the full amount needed to purchase a renovated home, or to buy and rehabilitate homes anywhere in the city of Detroit.

http://detroithomemortgage.org/

Detroit Land Bank Authority

The Detroit Land Bank offers a host of programs for current and future homebuyers including property auctions (some with specially available financing), side lot sales, and nuisance abatement assistance.

http://www.buildingdetroit.org/

Visit the financing page for more information on available financing programs.

http://auctions.buildingdetroit.org/Financing

Detroit Neighborhood Initiative

The Detroit Neighborhood Initiative is a cooperative effort of NACA, Bank of America, and the Opportunity Resource Fund. Detroit buyers will have access to loans worth up to 110 percent of the home’s loan- to-value ratio (150 percent for homes bough through the Detroit Land Bank). Stay tuned for more details on this new program!

http://www.buildingdetroit.org/detroit-neighborhood-initiative/

HomeLIFT

Detroit! HomeLIFT is a national program from Wells Fargo and NeighborWorks® America that provides eligible homebuyers with $15,000 to use toward down payment and closing costs on qualified homes

http://www.swsol.org/lift/

Liberty Bank and Trust Home Restoration Program

The Liberty Bank Home Restoration Program (HRP) is a nontraditional mortgage that will allow a homebuyer to finance necessary home repairs, and upon their completion, transition to a permanent mortgage. This loan is available for Detroit Land Bank properties, and non-auction properties in targeted areas.

https://www.libertybank.net/community/detroit.cfm

Michigan Lending Solutions

This statewide home-financing organization offers home loans, homeownership counseling, and more

http://www.michiganlendingsolutions.com/

MSHDA Downpayment Assistance

The Michigan State Housing and Development Authority offers homebuying assistance throughout Michigan.

https://www.michigan.gov/mshda/0,4641,7-141-45866_45868-175332–,00.html

Opportunity Resource Fund

The Opportunity Resource Funds provides financing for low and moderate income homebuyers who have been denied traditional mortgages

http://oppfund.org/mortgages

Rehabbed and Ready

Rehabbed and Ready offers Detroit Land Bank homes that are completely rehabbed, up to code and ready to be occupied.

http://auctions.buildingdetroit.org/RehabbedAndReady/SplashPage

Wayne County Auction 

Wayne County holds an annual auction of tax-foreclosed properties. Visit the site for details, registration, and available homes.

https://www.waynecountytreasurermi.com/