Some 5,000 would-be Detroit homeowners are expected to turn out tomorrow for a mortgage workshop, according to the Neighborhood Assistance Corporation of America.
Attendance is the required first step for taking part in a new Detroit mortgage program boasting no down payments, closing costs, or credit checks.
The new program is the joint project of the city, NACA and Bank of America.
It’s supposed to help people get around some of the hurdles that make home buying so difficult in the city.
Even if you’ve got the money for a normal mortgage, property values in the city are very low. So banks are often unable to loan you as much as the seller is asking – meaning you’ve got to come up with a huge chunk of cash if you want to buy.
NACA says there were only 400 mortgages made in Detroit in all of 2014, an indication that lots and lots of home buying in the city is happening in cash.