Own Your Home

To qualify, you must own and have lived in your home for at least 6 months.  Vacant, unoccupied units are not eligible for this program.  Single-family and multi-family units are eligible as long as the person applying for the loan is also the owner listed on the title.

If you do not have a copy of the title and are not sure whose name the property is in, a good place to start is the Wayne County Register of Deeds website. You can search by last name to find records of home ownership for most homes bought or sold after 1990. If you find an issue with title, a number of community based organizations have help available.

Be a low to moderate income resident or live in a designated target area

Low to moderate income Detroit homeowners may qualify no matter where they live in the city. Check below to see if you qualify based on income.  The HUD income limits listed below are applicable to homeowners outside of a target area.

If you don’t qualify based on income, check the map to see if you live in an eligible HUD-designated target area where there are no income restrictions.

Household Size

1 person

 

2 people

 

3 people

 

4 people

 

5 people

 

6 people

 

7 people

 

8 or more

 

Income Limits (as of April 2019)

$ 42,750

Per Year

$ 48,850

Per Year

$ 54,950

Per Year

$ 61,050

Per Year

$ 65,950

Per Year

$ 70,850

Per Year

$ 75,750

Per Year

$ 80,600

Per Year

If you are above the income limits, you may still qualify depending on your address.

Check the map below or contact an intake center to see if you live within one of the HUD-designated target areas.

Have a credit score of at least 560

The minimum FICO credit score to qualify for a loan is 560, which is between a “poor” and “fair” rating.  If you don’t qualify for a loan, we’ll connect you with resources to help you improve your credit score, such as free credit & budget counseling through one of the intake centers. Below are free resources available to help you learn about your credit score.

Option 1: Check with your bank

Banks and credit unions can not only help you find your credit score, but they may have resources available to help you improve it.

Option 2: Credit Karma

Check an estimate of your credit score for free using Credit Karma. In addition to an estimate of your score, this tool will give you a description of what was included in your score’s calculation. An exact, current credit score will be calculated for you when you apply for a loan, and it may vary from the estimate provided by Credit Karma.

It will not ask for your credit card, and checking your credit will not hurt your score.

Have current homeowners insurance

Homeowners insurance provides financial protection if your home or its contents are damaged. It also provides protection if you or a family member are held legally responsible (liable) for the injuries to others or damage to their property.  It’s also required by most mortgage lenders, including this program.

If you do not have homeowners insurance at the time of application, please submit at least one quote and/or a cancellation letter from your insurance provider as supporting documentation.

Be current on property taxes

To apply for a loan under this program, you must be current on your property taxes or be current on a payment plan with the Wayne County Treasurer’s Office.  A copy of the payment plan and 3 receipts as proof of payment on this plan are required with your application.

And, you must be able to afford the loan and make payments

Loans range from $5,000 to $25,000 and are payable over 10 years. Check here to view estimated monthly payments:

How much will you be borrowing?

How many years will you need to pay off the loan (10 or less)?

What will be the interest rate?

Do you think you qualify? Here are the documents you’ll need to apply:

This checklist may be changed and/or amended at any time, as needed, by the City of Detroit.

  • Signed loan application by borrower and co-borrower;
  • Copy of current driver’s license, state ID, D-ID, passport;
  • Birth certificate (not required if you have an enhanced license);
  • Recorded deed or other eligible ownership documentation (i.e. mortgage discharge, recorded land contract, probate documents);
  • Copy of current homeowners insurance (i.e. declaration page);
  • Most recent paid property tax bill;
  • Copy of property tax payment plan + 3 receipts as proof of payment
  • Income verification forms (submitted by all household members over 18);
  • Proof of Occupancy – Most recent utility bill(s), property insurance, property tax, homestead exemption;
  • Two (2) most recent pay stubs (or other proof of income);
  • Two (2) most recent years of income tax returns (or signed, notarized tax-exempt affidavit);
  • Two (2) most recent months of bank statements;
  • Authorization to run credit report; and
  • Lead test results (only applies to children six (6) years or younger).

Intake Forms are now available.