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Make It Yours

Imagine a place to call your own. Imagine not having to pay rent ever again. Imagine finding a house you love and turning it into a home you adore.

For years, buying a home in Detroit has had a major roadblock—getting a mortgage large enough to fix up the home. Often the buyer qualified for a loan, but the home did not because its current appraised value was too low. Now, with Detroit Home Mortgage, participating banks can loan the full cost of your home, including the cost of any renovations.

You can buy a home and renovate it. Or you can buy a home that’s already been renovated. If you qualify, you can own your own home and build equity for you and future generations. You may even be paying less per month than renting. Best of all, you can kiss your landlord goodbye.

Now it’s time for you and your new future. See below for a list of participating banks.

Leadership and Participating Banks

The Detroit Home Mortgage partnership is led by the Community Reinvestment Fund USA(CRF), The Kresge Foundation and Ford Foundation, the City of Detroit, Michigan State Housing Development Authority (MSHDA), nonprofits, participating banks, and other committed financial investors. CRF, a national nonprofit community development financial institution, is a leader in bringing capital to underserved areas and has injected more than $2 billion into communities in 48 states around the country to provide affordable housing, help stimulate job creation and economic development, and support community facilities.


Funding from the following investors have made the Detroit Home Mortgage possible.

  • CRF USA (Community Reinvestment Fund)
  • The Kresge Foundation
  • Ford Foundation

Participating Banks

A Detroit Home Mortgage can be secured from any of the participating banks listed here. All Banks offer the same Detroit Home Mortgage rates. Select a bank’s logo to visit its Detroit Home Mortgage program website.

  • Loans subject to lender approval.
  • Banks referenced above are Member FDIC. Member FDIC Logo
  • Equal Housing Lender. Equal Housing Lender Logo


What is so different about Detroit Home Mortgage?

Detroit Home Mortgage (DHM) may help you obtain the amount required to buy and fix up a home or to buy an already renovated home.

Why is Detroit Home Mortgage needed?

Low property values have led to a gap between the appraised value of a house and the loan amount needed to make it a home. Currently, houses across the city are inexpensive but many don’t qualify for a traditional loan to fix them up and make them livable. Detroit Home Mortgage allows a qualified buyer to borrow on the true value—not the current appraised value—of their home.

Why is home ownership different than renting?

Home ownership is a huge step toward financial security, stability, and independence. It’s also an investment in the city of Detroit. Home ownership builds equity and generational wealth for families and households while providing a sense of pride and achievement renting simply cannot match. Mortgage payments may even be lower than monthly rent payments. And while rent payments go straight into the pockets of landlords and management companies, mortgage payments help a buyer build equity and credit.

Who can apply for a Detroit Home Mortgage?

Applicants must be in good financial standing with a minimum FICO credit score of 640 (or 600 in some cases), and have adequate income and the required down payment to meet program underwriting guidelines. The home can be anywhere in the city of Detroit and must be the borrower’s primary residence. If you do not qualify for a loan at this time you may call one of the following nonprofit agencies for credit counseling:

  • Central Detroit Christian Development 313-873-0064
  • Southwest Economic Solutions 313-841-9641
  • U SNAP BAC Non Profit Housing Corp 313-640-1100
  • Wayne Metro Community Action Agency 734-246-2280
  • Family Tree Agency 313-962-2329
  • National Faith Homebuyers 313-255-9500
  • Abayomi Community Development Corp 313-541-9828
  • Amandla Community Development Corp 313-347-2829
  • New Hope Community Development 313-255-6275
  • GreenPath, Inc. 248-553-5400 x2118

Is Detroit Home Mortgage a government program?

No. Detroit Home Mortgage is a first-of-its-kind collaboration of local banks, foundations, MSHDA, and nonprofits seeking to address Detroit’s appraisal gap and ultimately rebuild Detroit’s neighborhoods.

What rates does Detroit Home Mortgage offer?

DHM features special rates on the first mortgage and second mortgage. Please contact or visit any participating bank website for more information.

How can I apply for a Detroit Home Mortgage?

A Detroit Home Mortgage can be secured from any participating bank. All participating banks offer the same Detroit Home Mortgage rates.

Is a Detroit Home Mortgage available for houses outside the city of Detroit?

No. Houses must be located within the city of Detroit.

Can a Detroit Home Mortgage be used to refinance a house?

Yes. A Detroit Home Mortgage can be used to refinance your current mortgage if you renovate at the same time.

Can non-Detroit residents participate in Detroit Home Mortgage?

Yes. However, a Detroit Home Mortgage can be used only for homes within the city of Detroit that are the primary residence of the borrower.

What if a borrower stops or cannot make their mortgage payments?

A Detroit Home Mortgage is a loan like any other mortgage, and it must be repaid. However, in certain severe cases, if a homebuyer experiences an extreme hardship and sells the home, the second mortgage may be forgiven.