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Detroit Home Mortgage

Mayor Duggan along with Governor Snyder, and local bank representatives announced the Detroit Home Mortgage program on Thursday at a home on Detroit’s westside. The Detroit Home Mortgage program allows banks to lend qualified homebuyers the full amount needed to purchase a renovated home, or to buy and rehabilitate homes anywhere in the city. Previously, federal lending guidelines did not clearly allow banks to loan borrowers enough money to cover necessary repairs because the loan amount was limited to the low, appraised value of a house.This mortgage program was designed to help solve Detroit’s appraisal gap problem.