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Detroit receives Social Bond of the Year award for its unique program that targets blight in neighborhoods
Detroit Neighborhood Initiative
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Who: Prospective Detroit Home Buyers that complete the NACA (Neighborhood Assistance Corporation of America) 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, buildingdetroit.org, that loan-to-value ratio increases up to 150%.
How: Interested home buyers must attend a Homebuyer's Workshop and then undergo homebuyer counseling. More information can be at Building Detroit.
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 |
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