Financing Resources

Financing Available

Purchasing a home from the DLBA is not a guarantee that financial assistance will be awarded through any of the lenders listed below. The list of lenders is intended to assist buyers with possible financing resources and buyers are not mandated to apply for financial assistance with any of the lenders. Each lender has its own lending criteria, and decisions on funding are solely within its discretion. We encourage you to research any other financing options available.

Select An Option:

Chemical Bank

Detroit!  Whether you’re planning to purchase a new home or freshen up your existing home, Chemical Bank and Trust offers personalized loan programs which may help you achieve your dream. 

Please call us today at 800.456.1500. Together we can explore the possibilities and find a solution that meets your home loan needs.

As of 12/1/2020 the Detroit Home Mortgage program no longer offers renovation loans.

Purchase a home and turn it into a dream with the Streamline 203(k) loan.  This product offers the ability to buy a home, finance minor repairs and upgrades with a single mortgage loan.  

First Lien Mortgages :

  • Financing up to 96.5%
  • Up to $417,000 loan amount for 1-4 units
  • Renovation Costs up to $35,000 above the purchase price

Note: Value is based on the lesser of 110% of the appraised value after rehabilitation OR the appraised value of the home plus construction costs.

Chemical Bank’s Construction Loan products offers more flexibility for those bigger renovation projects, or improvements. Our team of knowledgeable professionals make the construction loan process as easy as possible for you. 

First Lien Mortgages :

  • Financing up to 90% of the after-rehabilitation value
  • Up to $417,000 loan amount for 1-4 units
  • Interest-Only payments during the construction period

Note: Value is based on the lesser of 110% of the appraised value after rehabilitation OR the appraised value of the home plus construction costs.

*All loans are subject to credit approval and program guidelines.  Member FDIC

Liberty Bank

Liberty Bank and Trust Home Restoration and Acquisition Program

The Liberty Bank Home Restoration and Acquisition Program (HRAP) is a new, nontraditional mortgage loan that will allow a homebuyer to finance the acquisition and any required repairs or renovations to their home being purchased in the City of Detroit. This includes purchasers of homes from the Detroit Land Bank’s online auction. HRAP provides a 6-month interest-only construction line of credit during renovation or 9 months for properties located in a designated historic neighborhood.  Upon completion of the renovation, the construction line will transition to a permanent mortgage.  The mortgage loan is available to qualified borrowers purchasing in Hardest Hit Priority Neighborhoods. To qualify, borrowers must:

  • Have the income necessary to repay the loan
  • Successfully complete a housing counseling program
  • Occupy the home as their primary residence

Down Payment Assistance – No Income requirements:

  • Qualified borrowers may also be eligible up to $15,000
  • Detroit Public School employees may qualify for up to $20,000

Loan to Values:

  • Up to $110%


Boston Edison
North End
Jefferson Chalmers
Southwest Detroit
Grandmont Rosedale
University District
East English Village

Liberty Bank and Trust FAQs


Neighborhood Assistance Corporation of America: Detroit Neighborhood Initiative

The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA helps those with credit issues, limited resources or discrimination concerns to purchase a home or modify their predatory loan to more affordable terms. To date, NACA has made the dream of home ownership a reality for hundreds of thousands of working people.

Prospective Detroit Home Buyers MUST complete the NACA pre-purchase home buyer program to qualify for the 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,, that loan-to-value ratio increases up to 150%.

See here for registration signup.

Interested home buyers MUST attend a Homebuyer’s Workshop and then undergo homebuyer counseling. More information can be found at:

Flagstar Bank

New Mortgage Program Aims to Boost Employee Residency in Detroit! New Mortgage Program at Flagstar Bank that will make loans - including renovation funds - available to city employees and anyone else eligible for the city employee 50% discount program with the Detroit Land Bank Auction.  

Flagstar Bank will offer those in the program mortgages of up to 95% the value of the house to fund renovations.

  • Detroit city employees, and others eligible for the 50% discount on DLBA auction properties will be eligible for 15-, 20-, or 30-year fixed-rate mortgages
  • Loans will be written for up to 95% of a home’s loan-to-value ratio
  • Renovation funding included in mortgage
  • 15-, 20-, or 30-year fixed-rate mortgages
  • Maximum loans of $417,000
  • Available for 1- and 2-unit properties

Learn More