Within the last three years, Detroit’s approved mortgage rates have doubled thanks in a large part to the efforts of Detroit Home Mortgage (DHM), which is helping to make homes affordable by eliminating the appraisal gap.
Community Reinvestment Fund, USA (CRF), to make homes affordable and accessible for people living and working in Detroit, initially spearheaded DHM.
The program was set to end, but all partners have signed on to continue it given its success.
While the numbers are impressive, with more than 1,100 mortgages approved in 2018 versus 585 in 2015, the real difference is in the lives changed.
Fox2 interviewed homebuyers to find out more. DHM recipients call the program a “blessing” and are spreading the word to their friends, family, and neighbors. Streets are changing and brightening as people have the opportunity to access mortgages once more to invest in their homes and their communities.
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