Detroit's $25K
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!
3 Steps to do before you Apply
Step 1:
Get Pre-qualified for a Mortgage
Step 2:
Find your home & sign a Purchase Agreement
Step 3:
Take a Homebuyer Education Class
The Details
Below you’ll find the required qualifications you need to meet in order to qualify for Detroit’s 25K DPA.
Requirements:
- 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.
Income Requirements:
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.
Step 1: Get Pre-Qualified
Click the button below to start the FREE and simple process of getting Pre-Qualified!
Step 2: Find a Home
Click the button below and enter the criteria that you’d like to have in your next home.
Step 3: Homebuyer Education Classes
It is a requirement that a Homebuyer Education Course must be completed. Below you’ll find two organizations that can help you fulfill this requirement.
Customer Support
- 248-895-7272
- JHiggins@mortgageone.com
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2022 MICHIGAN DPA | MSHDA Down Payment Assistance | Mortgage Program
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