How Does It Work?

The City of Detroit Down Payment Assistance Program aims to rebuild homeownership in Detroit. The program provides qualifying residents grants up to $25,000 for a down payment, prepaid including interest rate buy down, closing costs, and principal reduction in conjunction with purchasing a home using a purchase mortgage or a purchase renovation mortgage.

The grants are available to homebuyers who have not held an interest in a property for the last three years. All grant recipients must have household incomes of less than 300% of the national poverty level issued annually by the Department of Health and Human Services. The purchased home must be the principal resident for three years after the grant is awarded or the grant must be repaid.