Ownership Is Affordable
Here are some examples of what your mortgage payments could be.
|ACCEPTED OFFER||3.5% DOWN PAYMENT||30-YEAR APR||MONTHLY PAYMENT|
On average, for every $1,000 increase in purchase price you only add approximately $5 to your monthly mortgage payment.
*The payment on a $50,000 30-year Fixed-Rate Loan at 3.99% (5.152% APR) with 0 points due at closing and a LTV of 96.5% loan-to-value is $533. **The payment on a $70,000 30-year Fixed-Rate Loan at 3.99% (5.06% APR) with 0 points due at closing and LTV of 96.5% is $727. ***The payment on a $90,000 30-year Fixed-Rate Loan at 3.99% (5.009% APR) with 0 points due at closing and LTV of 96.5% is $893. Based on a FICO of 620. Payment includes estimated taxes and private mortgage insurance & homeowners insurance. The actual payment amount will be greater. Rates can change daily. Subject to credit approval. Restrictions may apply.
How The Program Works
Detroit Land Bank Authority (DLBA) selects properties in their inventory, and The Home Depot ® completely rehabs the homes.
To make the buying process even easier, Quicken Loans will preapprove interested buyers for mortgage financing. With a preapproval you'll know how much loan financing you'll have to work with before making an offer.
Each home is listed for sale on the DLBA website under the Rehabbed & Ready program's listings page as well as Realcomp.
Offers must be submitted with a signed purchase agreement, including proof of ability to pay, to the DLBA and can move into their home as soon as the sale closes. No discounts apply.
In Collaboration With
The DLBA is pleased to collaborate with Quicken Loans and The Home Depot ® in the Rehabbed & Ready program.