In northwest Detroit, residents have been revitalizing their neighborhood for years. Devastated by the recent housing market crash and years of poor economic conditions, Stahelin Avenue was plagued by drugs, vacant homes, and burned down structures.
"We have nice stately homes, we had a wonderful income median at that time, and then here's this street," says Beverly Frederick, who lives near Stahelin Avenue in Rosedale Park on Detroit's northwest side. "It was almost like a forgotten street—you drive past it real fast so you didn't want to acknowledge that this was a problem within the community. " Now, people ride their bikes down the street, Frederick says. Lots with abandoned homes have been converted into green space with a butterfly meadow, birdhouses, hydrangeas, roses, and picnic tables. The Detroit Institute of Arts even displayed artwork on the properties, and a ribbon-cutting ceremony was held for the street last year.
Beverly Frederick GRDC had already been renovating vacant homes and reselling them at fair market value to stabilize neighborhood housing prices. Detroit Neighborhood Initiative - Building Detroit. Neighborhood Assistance Corporation of America and Bank of America have partnered with the City of Detroit to create unprecedented mortgage program for homes purchased and renovated in the city of Detroit.
Detroit Mayor Mike Duggan announced a new mortgage program that will directly address many of the problems facing those trying to be homeowners in the city of Detroit. The Neighborhood Assistance Corporation of America (NACA), along with Bank of America, have created the “Detroit Neighborhood Initiative,” a program for homebuyers in Detroit that combines a zero down, low interest fixed rate mortgage, and other very favorable terms with rehabilitation dollars necessary to rebuild Detroit’s classic houses and neighborhoods. “We know the desire to renovate these houses and rebuild our neighborhoods is there” said Mayor Duggan.
“What we haven’t had is enough lenders willing to take a chance on our city to show what’s possible. Home mortgages remain a Detroit rarity. Home sales with mortgages are rare in Detroit, occurring in just a few areas.
Use the slider in the middle of the image below to see where the cash sales (red) are compared with sales via mortgages (blue). 15 Mortgage Tips for First-Time Homebuyers. Image source: Getty Images.
If you're in the market for your first home, the process may seem pretty daunting, especially getting your first mortgage. However, the more you know about mortgages, the better prepared you'll be, so here are 15 things you should know that can get you ready for the application process and possibly save you thousands of dollars. 1. Rising Interest Rates: What Do They Mean For You? - Genisys® Credit Union. How a Bridge Loan Can Help you Buy a House - Genisys® Credit Union. The 12 Absolutely Cheapest Places to Buy a House in America. 2015 Best States to Buy a House - Niche. The 10 Best Cities for Home Buyers. Embed Gallery.
Easy Ideas for Organizing and Cleaning Your Home. Buying Secret #10: Keep Your Money Where It Is It’s not wise to make any huge purchases or move your money around three to six months before buying a new home.
You don’t want to take any big chances with your credit profile. Lenders need to see that you’re reliable and they want a complete paper trail so that they can get you the best loan possible. 5 tips for first-home buyers in today's market. Families looking to buy their first home are in for a world of hurt.
Starter homes are in short supply, which makes it tougher for buyers to not only find an acceptable property but also to negotiate on price and terms. Not surprisingly, that's locking out many first-time buyers and depressing the number of trade-up homes on the market, too. Since 2012, the number of starter homes listed for sale has fallen 43.6 percent, and the inventory of trade-up properties is down 41 percent, according to research conducted by Trulia, a real estate website. That's fueling a vicious cycle, pushing up prices and making the market increasing unaffordable, site officials say. Steps To Buy A Home. NerdWallet's Financial Guide for Home Buyers. 10 Tips for Home Buying and Selling. Get the best deal from your broker.
The traditional 5 to 6 percent sales commission isn’t carved in stone. Our 2015 survey of real estate brokers found that 63 percent negotiated their fees at least half the time. Almost half of agents charged 4 percent or less. An agent may be more amenable if you’ve sent him or her referrals, or have done some legwork, says Lee Williams, an agent with Level Group, a New York City residential brokerage firm. That might involve obtaining property surveys, original floor plans, or tax records. Fix the big things. Declutter, depersonalize. Post lots of images. Get squeaky clean. The Most Important Things to Look for in a New Home - Home First Certified. How to Buy a House - 6 Must-Dos Before Buying A Home.
Strengthen your credit score "It's a brave, new world with respect to credit requirements for mortgages," says John Ulzheimer, credit expert and contributor at CreditSesame.
One old rule still applies: The higher your credit score, the lower your monthly payments.