Ownership Is Affordable

Here are some examples of what your mortgage payments could be.
ACCEPTED OFFER 3.5% DOWN PAYMENT 30-YEAR APR MONTHLY PAYMENT
$50,000 $1,750 5.152% $533*
$70,000 $2,450 5.06% $727**
$90,000 $3,150 5.009% $893***
On average, for every $1,000 increase in purchase price you only add approximately $5 to your monthly mortgage payment.
*The payment on a $50,000 30-year Fixed-Rate Loan at 3.99% (5.152% APR) with 0 points due at closing and a LTV of 96.5% loan-to-value is $533. **The payment on a $70,000 30-year Fixed-Rate Loan at 3.99% (5.06% APR) with 0 points due at closing and LTV of 96.5% is $727. ***The payment on a $90,000 30-year Fixed-Rate Loan at 3.99% (5.009% APR) with 0 points due at closing and LTV of 96.5% is $893. Based on a FICO of 620. Payment includes estimated taxes and private mortgage insurance & homeowners insurance. The actual payment amount will be greater. Rates can change daily. Subject to credit approval. Restrictions may apply.

How The Program Works

1. REHAB
Detroit Land Bank Authority (DLBA) selects properties in their inventory, and The Home Depot ® completely rehabs the homes.
2. FINANCING
To make the buying process even easier, Quicken Loans will preapprove interested buyers for mortgage financing. With a preapproval you'll know how much loan financing you'll have to work with before making an offer.
3. LISTING
Each home is listed for sale on the DLBA website under the Rehabbed & Ready program's listings page as well as Realcomp.
4. PURCHASING
Offers must be submitted with a signed purchase agreement, including proof of ability to pay, to the DLBA and can move into their home as soon as the sale closes. No discounts apply.

In Collaboration With

The DLBA is pleased to collaborate with Quicken Loans and The Home Depot ® in the Rehabbed & Ready program.

View Contractor Opportunities in the Rehabbed & Ready Program
Equal Housing Lender. Licensed in all 50 states. NMLS #3030. ©2015 Quicken Loans Inc. All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered trademark of Intuit Inc., used under license.
Detroit Land Bank Authority
500 Griswold Street, Suite 1200, Detroit, MI 48226
313.974.6869
Communityrelations@detroitlandbank.org
The Detroit Land Bank is an Equal Housing Opportunity Provider and does not discriminate in the sale, rental, and financing of housing, or in other housing-related transactions, based on race, color, national origin, religion, sex, familial status, age, height, weight, or disability.