Down Payment Assistance
Now Available Detroit's 25K DPA!
Have you been renting in Detroit for the past 12 months? Did you lose a home due to a property tax foreclosure within the City of Detroit between 2010-2016? If you fall into one of these scenarios, you may be eligible for Detroit’s $25K DPA.
First Come, First Served!
Below you’ll find the required qualifications you need to meet in order to qualify for Detroit’s 25K DPA.
- Complete the HUD- approved homebuyer education class
- Purchase a 1-2 unit property in the City of Detroit as your primary residence
- Remain at that primary residence for at least 3 years
- Contribute a minimum of $1,000 towards the purchase of the property
- Your housing expense ratio cannot exceed 35%
- This program provides a maximum of $25,000 to be utilized for downpayment, closing expenses, principal reduction, and prepaid interest rate buydown. It can be used with a purchase mortgage or a renovation mortgage. However, the total financial aid cannot exceed 50% of the combined cost of downpayment, prepaids (including interest rate buydown), closing expenses, and repairs financed into a renovation mortgage.
Want the Income Requirements list for the Detroit 25K DPA? Have it emailed to you instantly! Fill out the form below and then check your email, it’s that simple.
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2022 MICHIGAN DPA | MSHDA Down Payment Assistance | Mortgage Program