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Who: Prospective Detroit Home Buyers that complete the NACA pre-purchase home buyer program

What: Can qualify for a new mortgage program that includes

·                  No down payment

·                  No closing costs

·                  No fees

·                  Below market fixed rates (3.5% - 30 year / 2.875%  - 15 year)

·                  Renovation funding included in mortgage

·                  Credit Score never considered in mortgage process

All buyers in Detroit will have access to loans worth up to 110% of the home’s loan-to-value ratio.  For homes bought through the Detroit Land Bank’s site, www.buildingdetroit.org, that loan-to-value ratio increases up to 150%. 

When:  Registration begins April 16, 2015. The first homebuyer workshop will be he held on April 25, 2015 at Pure Word Missionary Baptist Church 20011 Grand River Avenue, Detroit, MI 48219 from 9:30-1:00pm

How: Interested home buyers must attend a Homebuyer’s Workshop and then undergo homebuyer counseling. More information can be found at: www.naca.com or http://auctions.buildingdetroit.org/Financing.

 

Loan Example for the Detroit Neighborhood Initiative:

Estimated Variables

30 year mortgage

15 year mortgage

Purchase Price through Building Detroit

$5,000

$5,000

Rehab Costs

$55,000

$55,000

Down Payment

$0

$0

Closing Costs

$0

$0

Total Mortgage

$60,000

$60,000

Assessed Value

$40,000

$40,000

Fixed Interest Rate

3.5%

2.75%

Principal and Interest Payment

$218

$414

Taxes

$112

$112

Insurance

$67

$67

ESTIMATED MORTGAGE PAYMENT

$397

$593