More than 50 people came to our financial resource fair in southwest Detroit on March 1. The free, annual event is called Show Me the…
Homeownership is the bedrock of the American Dream and of stable and vital neighborhoods. Our pre-purchase education and counseling programs enable aspiring homeowners to understand in detail the process of buying a home and qualify for various home-purchase assistance programs offered by the government and others.
Our HUD-approved agency employs professional, bilingual and MSHDA-certified counselors. They offer homebuyer education classes, pre-purchase counseling and financial coaching through one-on-one sessions, group workshops, and community events.
Completing a homebuyer education course or workshop is a required component by most lenders and all down payment assistance programs. We offer monthly Homebuyer Education workshops at DHHS Southwest Service Center, located at 2524 Clark St., Detroit, MI 48209. At the end of the class, participants will receive a certificate of completion.
Clients can also complete the equivalent homebuyer education by participating in an online pre-purchase program from ehome America. The cost of the course is $99. (See a 30-second ad about this eHome program.) To learn more, email Teresa Torres, our pre-purchase counselor.
All recipients of homebuyer education are also eligible for financial coaching.
The Pre-Purchase program covers many important topics, including:
Our certified counselors help homebuyers qualify for loans, avoid predatory lending, prepare documentation, organize their financial planning, and make good decisions for the future. We also discuss different options for down payment assistance from various government sources.
Prior to participating in Pre-Purchase counseling, future homeowners must first complete a Homebuyer Education course (see above).
All the programs listed below require the successful completion of Homebuyer Education. A certificate from Southwest Economic Solutions’ class will meet that requirement.
Detroit Home Mortgage is a collaborative program designed to solve Detroit’s appraisal gap problem and make it easier to get a mortgage. It enables banks to lend qualified homebuyers the full amount needed to buy and rehabilitate homes anywhere in the city. More information available here: www.detroithomemortgage.org.
Liberty Bank’s Home Restoration Program provides affordable loans to qualified residents who successfully bid in the Neighbors Wanted auction. You can take advantage of the exciting program features, such as:
Qualified Borrowers must:
You can learn more about Liberty Bank’s program by contacting the Detroit Office of Liberty Bank at 313.873.3311. If you have any questions about this or any other pre-purchase program we have with our partners (Detroit Land Bank, Liberty Bank, CHASE Bank, Central Detroit Christian, U-SNAP-BAC), contact our pre-purchase counselor.
454 of those families purchased homes