Mayor to announce Detroit mortgage program

Posted at 5:06 AM, Feb 18, 2016
and last updated 2016-02-18 05:42:21-05

A new program is expected to allow qualified buyers to receive separate mortgages to purchase and do repairs on homes in Detroit.

Mayor Mike Duggan is scheduled to announce the Detroit Home Mortgage initiative Thursday in northwest Detroit.

Under the program, the first mortgage would cover the appraised value of the house. The second mortgage of up to $75,000 would fill the gap between the appraised value and the sale price of the home and renovation costs.

It is designed to help increase homeownership in Detroit neighborhoods. The effort is a partnership between local banks and nonprofit organizations.