- Rocket Mortgage® And Detroit Housing Network Help Detroiters Achieve Homeownership Readiness
Rocket Mortgage® And Detroit Housing Network Help Detroiters Achieve Homeownership Readiness
Kevin Graham4-minute read
August 10, 2021
Homeownership is one of the biggest drivers of generational wealth. However, there’s a lot that goes into getting ready. Rocket Mortgage and the Detroit Housing Network have partnered to ensure that all Detroiters have access to the resources they need to take the next step on their homeownership journey.
The program, called Detroit Home Loan+,1 is a special lender credit specifically tailored to Detroit residents. Together with the Detroit Housing Network, we’re working to make sure you have the resources and information you need to move forward and get a home of your own.
Overcoming the Obstacles to Getting the Keys
When buying a house with a mortgage, one of the biggest upfront costs is the down payment. However, there are also other closing costs for things like title insurance, appraisal, recording fees and prepaid interest points.
Detroit Home Loan+ helps alleviate these costs by providing a $2,500 lender credit in order to remove a barrier to homeownership for Detroiters. However, there are other qualifying factors to be aware of. Below, are a few examples:
- Income: You can receive income from a variety of sources, including full- and part-time jobs, pensions and disability. The important thing is that the income is consistent and enables you to make your monthly mortgage payment.
- Debt: Having a little bit of debt isn’t a bad thing. Many people have car, student loan payments and a credit card or two. However, lenders want to make sure that your debt level is manageable, so they will compare your monthly minimum debt payments to your income before taxes to determine how much you can afford. Every loan option is different, but it’s a good idea to keep your monthly debt-to-income ratio (DTI) at or below 43% in order to qualify for financing.
- Credit Score: You can think of your credit score as a snapshot of your creditworthiness to a lender. It takes into account factors like whether you pay on time, how much credit you use relative to the limit on credit cards, whether your credit is new and how long you’ve had your oldest account. Depending on the loan you’re looking to get, you’ll usually need a minimum qualifying credit score of 580 or 620. However, the higher the better because higher scores translate to lower interest rates.
If you are in a situation where your credit score could use some help, some of the most impactful things you can do include paying off debt and dealing with charge-offs and collections that might be showing up on your credit report from the past. However, this process can be a bit overwhelming. This is where the Detroit Housing Network and other partners come in.
Make the D home!
Buying a home in Detroit? You could qualify for a $2,500 closing credit.1
About the Detroit Housing Network
The Detroit Housing Network is a coalition of community organizations led by CHN Housing Partners and supported by the Rocket Community Fund. The group believes that housing stability and affordable homeownership are two of the building blocks to strong family units and vibrant neighborhoods.
The mission of the group is to create healthy neighborhoods and advance the cause of racial equity in our communities by increasing stable housing and providing for homeownership affordability in the city of Detroit.
The goal of Detroit Home Loan+ is to provide increase access to financing for Detroit residents. While not everyone will be ready for homeownership at the same time, we want to ensure that all Detroiters have the resources they need to succeed.
If you’re looking to get a little help along the way, the Detroit Housing Network is a great place to start. Among the services they provide for homebuyers are homebuyer counseling, as well as credit and financial assistance. This is in addition to the great work they already do for existing homeowners around mortgage and financial counseling, property tax solutions and assistance with home repairs and utilities.
We are proud to partner with the Detroit Housing Network to achieve our shared goal of vibrant, resilient neighborhoods through access to stable housing.
For more information, you can check out the Detroit Housing Network. You can also visit any of one of the participating organizations:
6900 McGraw Ave.
Detroit, MI 48210
Central Detroit Christian CDC
1550 Taylor St.
Detroit, MI 48206
Jefferson East, Inc.
14300 E. Jefferson Ave.
Detroit, MI 48215
Matrix Human Services
13560 E McNichols
Detroit, MI 48205
14901 E. Warren Ave.
Detroit, MI 48224
Wayne Metro Community Action Agency
7310 Woodward Ave.
Detroit, MI 48202
Learn more about Detroit Home Loan+ here.
1Client will receive a closing cost credit in the amount of $2,500 on their Closing Disclosure. Offer is valid on purchase transactions only for properties purchased in the city of Detroit, Michigan. Offer is valid on primary residence only. Offer is not available on Charles Schwab loans, jumbo loans, team member loans or portfolio loans. Offer is nontransferable. Offer cannot be applied retroactively or to loans already in process. Offer may not be redeemed for cash, and no change will be given if the discount amount exceeds costs otherwise due. Rocket Mortgage reserves the right to cancel this offer at any time. Offer may not be used with other discounts, promotions or special pricing. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. This is not a commitment to lend. Additional restrictions/conditions may apply.
A home of your own.
Buying a home in the Motor City? Get a $2,500 closing credit on qualification.1