Detroit

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The birthplace of techno and the Motown sound. The center of the automotive industry. Resurget cineribus.

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First-time homebuyers in Michigan find answer to prayers with these programs (eu.detroitnews.com)

submitted 10 months ago* (last edited 10 months ago) by raoulraoul@lemmy.world to c/detroit@midwest.social

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Just in case you potential homeowners missed this when first proposed, The Detroit News covers how it may be possible for to have financial assistance on a downpayment on a new home!

"Land…they ain't makin' any more of it."

Metro Detroit shoppers looking for their first home have been especially affected by higher prices: In October, Detroit posted the largest year-over-year increase in home prices, 8.1%, among 20 large U.S. cities, according to data released this week by S&P CoreLogic Case-Shiller.

“Time and again research reveals that the down payment is the single largest hurdle first-time homebuyers need to overcome to attain homeownership,” said Sonu Mittal, Freddie Mac's single-family senior vice president of acquisitions, in a statement at the time of the program’s launch. “But finding and comparing the many programs and their guidelines is challenging," he said. "DPA One delivers a one-stop shop at no cost that brings lenders and their borrowers greater detail and visibility into these programs while seamlessly connecting the right assistance program with the lender, housing counselors and borrowers who need this assistance the most.”

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