REHABBED & READY DOWN PAYMENT ASSISTANCE PROGRAM

National Faith Homebuyers is partnering with the Detroit Land Bank Authority to offer the Rehabbed & Ready Down Payment Assistance Program,  powered by the Rocket Community Fund. You can receive down payment assistance if you qualify. Please find the down payment program qualifications below and apply today. Learn more about the program on Detroit Land Bank Authority’s Rehabbed & Ready page or view each of the listings below.

REHABBED & READY HOMES FOR SALE

Unlike other homeownership programs in Detroit, the Rehabbed & Ready Down Payment Assistance Program offers homes available for purchase in Detroit. The following ready-to-occupy homes are available for purchase:

• 1039 Navahoe located in the Jefferson Chambers neighborhood
• 4021 Cortland located in the Russel Woods neighborhood
• 2446 Seyburn located in the Islandview neighborhood

REHABBED & READY DOWN PAYMENT ELIGIBILITY GUIDELINES

The Rocket Community Fund has committed $200,000 to rebuild homeownership in the City of Detroit. This Detroit homebuyer assistance program provides qualifying families grants for:

• the down payment
• prepaid, including interest rate buy-down
• closing costs
• principal reduction

The total amount of assistance cannot exceed 20% of the purchase price, down payment, prepaid including interest rate buy down, closing costs, and repairs financed into a renovation mortgage. The down payment grants are available to homebuyers who have household incomes less than 120% of the Michigan State Housing Development Authority (MSHDA) Income Limit for Wayne County.

THE PURCHASED HOME MUST BE THE PRINCIPAL RESIDENCE FOR THREE YEARS AFTER GRANT AWARD OR THE GRANT MUST REPAID.

• You must complete the required homebuyer education course provided by a HUD certified counseling agency.
• You must purchase a single-family or duplex Rehabbed & Ready Home as your primary residence. There is a 3-year residency requirement with proration of the grant over the course of the three years.
• You must contribute a minimum of $1,000 towards the purchase of the property.
• You must provide proof of residency in the City of Detroit for 12 months prior to application date.
• The housing expense must not exceed 35%.
• The program offers up grants to be used for down payment, prepaids including interest rate buy down, closing costs, and principal reduction in conjunction with a purchase mortgage or a renovation mortgage. The total amount of assistance cannot exceed 20% of the purchase price, down payment, prepaids including interest rate buy down, closing costs, and repairs financed into a renovation mortgage.
• Each section of the application for assistance must be completed for each household/family member. If the amount for any family member is zero (0), you must enter a zero (0). Your application for assistance will not be processed if any information is missing. All lines that require a signature must be signed. If there is a witness line, it must be signed by a witness before it can be submitted. If there is a notary section, the document must be notarized before it can be submitted.
• All household income must be declared and will be counted toward the income limit for your family size.
• NO FILE(S) WILL BE SUBMITTED FOR PAYMENT UNTIL ALL DOCUMENTATION HAS BEEN RECEIVED AND VERIFIED FOR ACCURACY, COMPLETION AND ELIGIBILITY
• AN OFFICIAL LETTER OF APPROVAL RESERVING THE ASSISTANCE FUNDS IS ISSUED BY NATIONAL FAITH HOMEBUYERS ONCE THE FILE IS DETERMINED SATISFACTORY FOR ALL ELIGIBILITY TERMS AND GUIDELINES.
• If you are unsure how to complete your paperwork, please call or visit the National Faith Homebuyers (NFH) office so an NFH representative can help you complete your paperwork.